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19 September, 03:42

On April 1, 2021, the Electronic Superstore borrows $23 million of which $7 million is due in 2022. Show how the company would report the $23 million debt on its December 31, 2021 balance sheet. (Enter your answers in dollars not in millions. For example, $7,000,000 rather than $7 million.)

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  1. 19 September, 06:25
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    Long term liabilities is $23,000,000

    Explanation:

    Electronic Superstore

    Balance Sheet (Not Full) at December 31, 2021

    Details Amount ($)

    Current liabilities NA

    Long-term liabilities 23,000,000

    Total liabilities 23,000,000

    Note that the $7 million will due in 2022 not in 2021. Therefore, this does not effect on the 2021 balance sheet entries.
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