## Answers

Solution

Barton Chocolates

Balance sheet (partial)

Barton Chocolates | |

Balance Sheet (Partial) | |

At December 31 | |

Current Liabilities | |

Interest Payable | $90,000 |

Current Portion of Long-Term Debt | $400,000 |

Total Current Liabilities | $490,000 |

Long-Term Liabilities | |

Notes Payable | $1,600,000 |

Total | $2,090,000 |

Computations:

Interest expense, July 1 – December 31= $2,000,000 x 9% x 6/12 = $90,000

The company would pay $400,000 every year, this gradually reduces its long term liability by the time of maturity, December 31, 2020. The company has to report both its current liability as well as the long term liabilities in the balance sheet.

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