Answer :
The December 31, 2022 and 2021 balance sheets
Dec. 2021 $0 $46,500
Nov. 2022, $6200 $37200
Nov. 2023, $9300 $34100
Nov. 2024, $12400 $18600
Nov. 2025, $18600 $0
Balance Sheet
A balance sheet summarizes a company's assets, liabilities and shareholders' equity at a specific point in time (as indicated at the top of the statement). It is one of the fundamental documents that make up a company's financial statements.
The following the loan will be reported in Company's Balance Sheets:
Company Balance Sheets As of December 31
2022 2021
Current Liabilities:
Loan Payable $9,300 $6,200
Long-term Liabilities:
Loan Payable $34,100 $37,200
Data and Calculations:
Dec. 1, 2021, Loan = $46,500
Repayment of Loan:
Date Repayment Dec. 31 Balance
Dec. 2021 $0 $46,500
Nov. 2022, $6200 $37200
Nov. 2023, $9300 $34100
Nov. 2024, $12400 $18600
Nov. 2025, $18600 $0
Thus, the loan payable in 2022 and 2023 will be shown under current liabilities in 2021 and 2022, respectively. The remaining portion will appear under long-term liabilities.
The December 31, 2022 and 2021 balance sheets
Dec. 2021 $0 $46,500
Nov. 2022, $6200 $37200
Nov. 2023, $9300 $34100
Nov. 2024, $12400 $18600
Nov. 2025, $18600 $0
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