You company provided the following information on Dec. 31, 2019: Accounts Payable Bank note payable - 10% 6,500,000 3,000,000 Bank note payable- 11% Interest Payable 5,000,000 150,000 Mortgage note payable - 10% Bonds Payable 2,000,000 4,000,000 * The P 3,000,000, 10% was issued March 1, 2019, payable on demand. Interest is payable every six months. The one- year P 5,000,000,11% note was issued January 15, 2019. On Dec. 31, 2019, the entity negotiated a written agreement with the bank to replace the note with a 2-year, P 5,000,000, 10% note to be issued January 15, 2020. * The 10% mortgage note was issued Oct. 1, 2015, with a termof 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment within the 10 days from the date the payment is due. On Dec. 31, 2019, the entity is three months behind in making the required interest payment. * The bonds payable are ten-year, 8% bonds, issued June 30, 2009. Interest is payable semi annually on June 30 and Dec. 31. What amount should be reported as total current liabilities?

You company provided the following information on Dec. 31, 2019: Accounts Payable Bank note payable - 10% 6,500,000 3,000,000 Bank note payable- 11% Interest Payable 5,000,000 150,000 Mortgage note payable - 10% Bonds Payable 2,000,000 4,000,000 * The P 3,000,000, 10% was issued March 1, 2019, payable on demand. Interest is payable every six months. The one- year P 5,000,000,11% note was issued January 15, 2019. On Dec. 31, 2019, the entity negotiated a written agreement with the bank to replace the note with a 2-year, P 5,000,000, 10% note to be issued January 15, 2020. * The 10% mortgage note was issued Oct. 1, 2015, with a termof 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment within the 10 days from the date the payment is due. On Dec. 31, 2019, the entity is three months behind in making the required interest payment. * The bonds payable are ten-year, 8% bonds, issued June 30, 2009. Interest is payable semi annually on June 30 and Dec. 31. What amount should be reported as total current liabilities?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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