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On April 1, 2021, the Electronic Superstore borrows $21 million of which $6 million is due in 2022. Show how the company would report the $21 million debt on its December 31, 2021 balance sheet. (Enter
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On April 1, 2021, the Electronic Superstore borrows $21 million of which $6 million is due in 2022. Show how the company would report the $21 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.)

User Posthumecaver
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Answer and Explanation:

The Preparation of balance sheet is shown below:-

Current liabilities

Current portion of long term Borrowings $6,000,000

Long term Liabilities

Long term borrowings Borrowings $15,000,000

($21,000,000 - $6,000,000)

Total liabilities $21,000,000

User MagerValp
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