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What amount should willem report as current liabilities

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Question - Willem Co. reported the following liabilities at December 31, Year 1:

Accounts payable-trade $750,000

Short-term borrowings 400,000

Mortgage payable, current portion $100,000 3,500,000

Other bank loan, matures June 30, Year 2 1,000,000

The $1,000,000 bank loan was refinanced with a 20-year loan on January 15, Year 2, with the first principal payment due January 15, Year 3. Willem's audited financial statements were issued February 28, Year 2. What amount should Willem report as current liabilities at December 31, Year 1?

Reference no: EM133143269

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