Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eightyears. What is the amount of the current portion of the noncurrent note payable due in the second year?A. $800B. $1,000C. $500D. nothing, since this is a noncurrent note payable
Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eightyears. What is the amount of the current portion of the noncurrent note payable due in the second year?A. $800B. $1,000C. $500D. nothing, since this is a noncurrent note payable
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 7MC: Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight...
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Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight
years. What is the amount of the current portion of the noncurrent note payable due in the second year?
A. $800
B. $1,000
C. $500
D. nothing, since this is a noncurrent note payable
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