Kosovo Company has $45 million in long- term debt, payable in annual installments of $15 million. How much of the debt should be reported as current and as long- term liabilities? Current Liabilities Long- Term Liabilities

Question

Quizplus · Accepted Answer

The current portion of long-term debt is the amount due within the next year, which is $15 million. The remaining $30 million is classified as long-term liabilities.

Kosovo Company Has $45 Million in Long- Term Debt, Payable