Reclassification of short term debt to long term debt
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Under what circumstances can a company classify a year-end liability that is due in less than a year as a long-term liability?
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Solution Summary
The solution lists six possible scenarios where a short term liability might be reclassified to long term debt for purposes of the presentation in a financial statement.
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Normally, a short term liability would be classified as a current liability simply by definition, but there could be circumstances which would dictate long term presentation:
1. It is a liability that has been rewritten or renewed in the past on its anniversary date.
2. It is a liability with an extension clause built into the ...
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