On Jan 1, Luther Co issued at $1,000,000, 8%, 5 years installment note payable. The first note payment consist of $250,456 principal plus interest due on January 1 of the next year. Show the account and amount and when it will appear on a classified balance sheet prepared on Dec. 31. Partial Balance Sheet Current Liabilities $ $ Long-term liabilities $
On Jan 1, Luther Co issued at $1,000,000, 8%, 5 years installment note payable. The first note payment consist of $250,456 principal plus interest due on January 1 of the next year. Show the account and amount and when it will appear on a classified balance sheet prepared on Dec. 31. Partial Balance Sheet Current Liabilities $ $ Long-term liabilities $
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
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On Jan 1, Luther Co issued at $1,000,000, 8%, 5 years installment note payable. The first note payment consist of $250,456 principal plus interest due on January 1 of the next year.
Show the account and amount and when it will appear on a classified
Partial Balance Sheet
Current Liabilities
$ | |
$ |
Long-term liabilities
$ |
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