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Calculate the current and long term liabilities

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Question - Sharon's Tennis Camp Inc. has two liabilities on January 1, 2016. First, she owes $36,000 on a vehicle loan with payments of $1,000 per month (no interest for this problem). Second, she owes $160,000 on a building loan where the monthly payment is $1,600 per month (no interest for this problem). Calculate the current and long term liabilities for each loan at two different dates: December 31, 2016 and December 31, 2017.

Reference no: EM132251725

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