Answer:
Short term debt after the reclasification: 3,352,340
Explanation:
The company expect to borrow from their receivables.
As the lower amount expecteed for the receivables is 6,006,000
we will refinance up to 61% of this amount thus:
6.006.000 x 61% = 3.663.660
This is the amount the company will expect to refinance with new notes payable instead of honor the original note.
short term debt 7,016,000
less 3,663,660 reclassified as long term
new short-debt 3,352,340