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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Accrued interest payable is reported as a ______ on the balance sheet.

  1. (a) current asset
  2. (b) long-term asset
  3. (c) current liability
  4. (d) long-term liability

To determine

State the way in which the accrued interest payable is reported on the balance sheet.

Explanation

Accrued interest on note payable:

Interest expense that is been incurred but not yet paid is known as accrued interest on note payable.

Justification for the incorrect options of (a), (b) and (d):

Accrued interest payable is not reported as current asset, long-term asset and long-term liability on the balance sheet. Therefore, these are incorrect options...

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