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July 31, 2014

Homework Help: college

Posted by carrie on Saturday, September 25, 2010 at 1:08pm.

It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current yearís principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities. You are the bookkeeper for Bikerís Business. Bikerís 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 Bikerís Businessí loan will need to be repaid immediately

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