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April 24, 2014

Homework Help: Principle of Accounting

Posted by Tammy on Monday, March 29, 2010 at 1:15am.

t is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year�s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities. You are the bookkeeper for Biker�s Business. Biker�s Business has a bank loan that requires a current ratio of 1.5 times. The owner has asked that you do not make the adjusting entry to take the current portion from the long-term liabilities. You know if you make the adjusting entry Biker�s Business� loan will need to be repaid immediately (or the loan called). What should you do?

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