On September 1, 2021, Southwest Airlines borrows $39.5 million, of which $7.0 million is due next year. Show how Southwest Airlines would record the $39.5 million debt on its December 31, 2021, balance sheet.

Explanation:

The recording of the $39.5 million debt in balance is presented below:

                                               Balance sheet  

Current liability

Current portion of long term debt           $7,000,000

Long term liability

Notes payable                                          $32,500,000

Total liabilities                                          $39,500,000

contributions made after 1986. after-tax contributions to employer plans made after 1986 are recovered pro rata with taxable amounts. the remaining $80,000 is from pre-tax contributions, employer matching dollars, and earnings on those amounts.

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