Accounting Review – What happened to the debt outstanding at BC?
Reconcile the beginning and ending balances of DEBT plus SHORT-TERM DEBT and CURRENT MATURITIES for Brunswick Corporation (BC) during the year that ended on 12-31-2021 (fiscal year 2021). Show your results in the form of a table with beginning and ending balances, plus the debits and credits that you propose to explain the annual variation in the account’s balance. Include a brief justification for each entry, with references to the annual report (financial statement, note number, or other section of the 10-K). Calculate and disclose the dollar value of the remaining unexplained variation. Figure 1 below is one way to present your solution.
Rubrics: ? Ability to explain changes in the account. ? References to 10-K.
Figure 1. Reconciliation of debt balances for BC in 2021.