A short-term note payable is a written promise to pay a specified amount on a definite future date within one year or the operating cycle, whichever is longer. O True O False
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- Assuming a 360-day year, when a $11,918, 90-day, 10% interest-bearing note payable matures, total payment will be a.$13,110 b.$1,192 c.$298 d.$12,216Obligations payable within one year or one operating cycle, whichever is longer, are; Select one: a. Long-term Liabilities b. Short-term investments c. Long-term Note Payable d. Current LiabilitiesOn January 1, an entity received a one-year note receivable bearing interest at the market rate. The face value of the note receivable and the entire interest are due in one year. When the note receivable was recorded on January 1, the Interest receivable is debited. True or False?
- All payables that require payments at a future determinable date are subject to present value techniques except which of the following specifically excluded types? Security deposits or progress payments under construction contracts Short-term debt refinanced in the current year on a long-term basis Regular accounts payable due after one year Bond interest and principal payments due after one yearAssuming a 360-day year, when a $12,919, 90-day, 6% interest-bearing note payable matures, total payment will amount to:Assuming a 360-day year, when a $13,430, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $14,907 $1,477 $369 $13,799
- Which of the following is not a characteristic of a short-term note payable? A. Payment is due in less than a year. B. It bears interest. C. It can result from an accounts payable conversion. D. It is reported on the balance sheet under noncurrent liabilities.Non-current liabilities are obligations or debts that are expected to be paid after one year. False TrueInterest on a note payable can be calculated by multiplying the amount owed by the interest rate by the fraction of year that represents the time elapsed since borrowing. a. True b. False
- In the case of the notes payable due to bank, supposing the entity has the discretion to refinance the obligation for at least 12 months after the given maturity date, as seen in its loan agreement,A. Compute for the current liabilities as of December 31, 2021.B. Compute for the non-current liabilities as of December 31, 2021.A RO40,000, interest-bearing note payable is signed on December 26, 2020. If the note is a 120-day note, what is the maturity date for this short-term liability? a. March 25 b. April 26 c. March 26 d. April 25Current liabilities are a.payable if a possible subsequent event occurs b.due, but not payable for more than one year c.due and receivable within one year d.due and to be paid out of current assets within one year