Part 1. Answer the following questions of the case presented.
Los Cidros reported the following information on long-term debt:
A-Determine how much total current liabilities changed between the prior year and the current year as a result of the long-term debt portion. Explain your answer in your own words.
b-Indicates the debt balance for the following year if Los Cidros does not acquire another long-term debt in the next few years.
Part 2. Perform the following exercises.
A-Bellezas del Mar purchased inventory from a large supplier. The supplier offered you a credit term of 3/10, n/30. Indicate whether this debt is an example of account payable, long-term, or short-term debt.
B-Adoptions and More resorted to 8 annual notes that amounted to $250,000 to be paid when the office that is being built is finished. The company intends to pay $75,000 next year. What is considered that portion?
C-Pet Supply Co. issued a 7% 65-day note for $110,000 to Mascotas Co. You make the wage entry on the note and the payment entry on the note with interest.
D-Librería Especial issued an 80-day note at 11% for $2,000 in arrears. Make the journal entries of the note and the entry with the accumulated interest.
