WD 40 Company, the manufacturer and marketer of WD 40® lubricant, reported the following information about its long term debt in the notes to a recent financial statement:
Long term debt is comprised of the following:
|
|
August 31, |
|
|
|
2005 |
2004 |
|
Notes payable |
$75,000,000 |
$85,000,000 |
|
Less current portion |
(10,714,000) |
(10,000,000) |
|
Long term debt |
$64,286,000 |
$75,000,000 |
a. How much of the notes payable was disclosed as a current liability on the August 31,2005, balance sheet?
b. How much did the total current liabilities change between 2004 and 2005 as a result of the current portion of long term debt?
c. If WD 40 did not issue additional notes payable during 2006, what would be the total notes payable on August 31, 2006?