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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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Chapter
Section
BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

In what section of the balance sheet would a bond payable be reported if (a) it is payable within one year and (b) it is payable beyond one year?

(a)

To determine

Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lenders known as bondholders, generally in multiples of $1,000 per bond, to raise fund for financing the operations.

To Locate: The reporting place of bonds payable, if it is payable within one year.

Explanation

If the bonds payable is payable within one year, it would be reported in the current liab...

(b)

To determine

To identify: The reporting place of bonds payable, if it is payable beyond one year.

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