Homework Answers
- Notes payable which is due within 12 months is short term note Payable.
It is classified as current liability on balance sheet.
- Note payable which are not due within 12 months of balance sheet is long term debt
it is classified as long term liability.
- Here, as given $5,120 of note payable become due in 2020 , so it is due within 12 months from balance sheet date i.e. 31st December 2019.
- we would classify it as current liability.
- ($14,500-$5,120) =$9,380 would be classified as long term liability.
| Liabilities and shareholder's equity | ||
| Current liabilities | ||
| Notes payable | $5,120 | |
| Accounts payable | $6,100 | |
| Salaries and wages payable | $2,400 | |
| Interest payable | $700 | |
| Total current liabilities | $14,320 | |
| Long term liabilities | ||
| Note payable | $9,380 | |
| Total liabilities | $23,700 | |
| stock holder's equity | ||
| common stock | $15,000 | |
| Retained earnings | $2400 | |
| Total stockholder's equity | $17,400 | |
| Total liabilities and stockholder's equity | $41,100 |
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what is the notes payable? isnt it 14,500
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