A company has outstanding accounts payable of $30,000 and a short-term construction loan in the amount of $100,000 at year end. the loan was refinanced through issuance of long-term bonds after year end but before issuance of financial statements. how should these liabilities be recorded in the balance sheet? current liabilities of $130,000. current liabilities of $30,000, long-term liabilities of $100,000. current liabilities of $130,000, with required footnote disclosure of the refinancing of the loan. long-term liabilities of $130,000.

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24-07-2018
Business

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A company has outstanding accounts payable of $30,000 and a short-term construction loan in the amount of $100,000 at year end. the loan was refinanced through issuance of long-term bonds after year end but before issuance of financial statements. how should these liabilities be recorded in the balance sheet? current liabilities of $130,000. current liabilities of $30,000, long-term liabilities of $100,000. current liabilities of $130,000, with required footnote disclosure of the refinancing of the loan. long-term liabilities of $130,000.

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Аноним Аноним · Answer 1 · 2018-07-31T18:59:22+02:00

A company has outstanding accounts payable of $30,000 and a short-term construction loan in the amount of $100,000 at year end. the loan was refinanced through issuance of long-term bonds after year end but before issuance of financial statements. how should these liabilities be recorded in the balance sheet?

current liabilities of $130,000, with required footnote disclosure of the refinancing of the loan.

For any liability to be termed as long term, the term of repayment should be more than 1 year, in the above questions the term of the loan is unknown, thus the only information given is that the loan has to be repaid after year end but before finalisation of accounts, which is less than a year.