STATEMENT OF FINANCIAL POSITION Problem 1-5 Anna Pamela’s Company had P2,000,000 note payable that is due on February 28,2021. The entity borrowed 1,600,000 on February 25,2021 which have 5-year term and used the proceeds to pay down the note and use other cash to pay the balance. How much of the note payable is classified as current liabilities in the December 31, 2020 financial statements that were issued on March 31,2021? 2,000,000 1,600,000 400,000 0
STATEMENT OF FINANCIAL POSITION Problem 1-5 Anna Pamela’s Company had P2,000,000 note payable that is due on February 28,2021. The entity borrowed 1,600,000 on February 25,2021 which have 5-year term and used the proceeds to pay down the note and use other cash to pay the balance. How much of the note payable is classified as current liabilities in the December 31, 2020 financial statements that were issued on March 31,2021? 2,000,000 1,600,000 400,000 0
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 75BPSB: Note Payable and Accrued Interest Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing...
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Problem 1-5
Anna Pamela’s Company had P2,000,000 note payable that is due on February 28,2021. The entity borrowed 1,600,000 on February 25,2021 which have 5-year term and used the proceeds to pay down the note and use other cash to pay the balance.
How much of the note payable is classified as current liabilities in the December 31, 2020 financial statements that were issued on March 31,2021?
- 2,000,000
- 1,600,000
- 400,000
- 0
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