EX 10-7 Current portion of long-term debt
The Coca-Cola Company reported the following information about its long-term debt in the notes to a recent financial statement (in millions):
Long-term debt is comprised of the following:
| December 31 | ||
| Current Year | preceding Year | |
| Total long term-debt | $15,317 | $5,110 |
| Less current portion | (1,276) | (51) |
| Long-term debt | $14,041 | $5,059 |
a. How much of the long-term debt was disclosed as a current liability on the current year’s December 31 balance sheet?
b. How much did the total current liabilities change between the preceding year and the current year as a result of the current portion of long-term debt?
c. If Coca-Cola did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year?
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