Homework Answers
| 1 | The Amount to be reported as a Current liability at December 31 2020 | $ 262,650 |
|
Reason : Since defer payment note is untill -February 15,2022. = Note payable (-) Deferred payment of Note = $ 525,300 (-) $ 262,650 |
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| 2 | The Amount to be reported as a Current liability at December 31 2020 | $ 525,300 |
|
Reason : Since as on the reporting date, the amount due within 12 months will be reported. |
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Buffalo Corporation owes $520,400 on a note payable due February
15, 2018. If Buffalo refinances the obligation by issuing a
long-term note on February 14 and using the proceeds to pay off the
note due February 15, how much of the $520,400 should be reported
as a current liability at December 31, 2017? (Do not leave any
answer field blank. Enter 0 for amounts.) The amount to be reported
as a current liability...
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