Balance sheet classification At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of $1,250. How should the liability be classified on the balance sheet?

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A: From February 1 to May 1 = 3 months So the interest on the note is due for 3 months on May 1.

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A: Working   Interest due on Note payable=  60000*5%*60/360 Interest due on Note Payable= 500

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A:

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