True or False... The current portion of notes payable must be reported on the balance sheet...
True or False... The current portion of notes payable must be reported on the balance sheet combined with the long-term portion under long-term liabilities
Homework Answers
Answer is as follows:
FALSE
The Current Portion of notes payable represents the amount remains to be paid with in 12 months from the Balance Sheet date which is termed as current liabilities and is shown under Short-Trem liabilities.
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True or False... The current portion of notes payable must be
reported on the balance sheet...
True or False... The current portion of notes payable must be reported on the balance sheet...
True or False... The current portion of notes payable must be reported on the balance sheet combined with the long-term portion under long-term liabilities
True or False... The current portion of notes payable must be reported on the balance sheet...
True or False... The current portion of notes payable must be reported on the balance sheet combined with the long-term portion under long-term liabilities
Where is the current portion of mortgage payable reported on the balance sheet?
Where is the current portion of mortgage payable reported on the balance sheet?
Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt...
Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): WN Long-term debt is composed of the following: December 31 Current Year Preceding Year Total Notes payable $742,000 (215,200) $408,100 (200,300) Less current portion Long-term debt $526,800 $207,800 a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet? co. O b. How much...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
1. Current Portion of Long-Term Debt 2. Connie's Bistro, Inc. reported the following information about its...
1. Current Portion of Long-Term Debt 2. Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt is composed of the following: 3. December 31 4. Preceding Current Year Year 5. Total Notes payable $742,000 $408,100 6 (215,200) (200,300) Less current portion $526,800 $207,800 Long-term debt 7. a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance...
Short term notes payable: A. are shown on the balance sheet with current liabilities B. are...
Short term notes payable: A. are shown on the balance sheet with current liabilities B. are generally due within three months, with a maximum time period of six months C. are shown on the balance sheet after bonds payable D. are shown as a reduction to notes receivable on the balance sheet, with an appropriate footnote disclosure On December 16, 2016, the ACE Corporation purchases $15,000 of equipment by issuing a 30 day, 12% note payable. The total amount of...
true or false 19. The balance in Premium on Bonds Payable should be reported as a...
true or false
19. The balance in Premium on Bonds Payable should be reported as a deduction from Bond Payable on the balance sheet.
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
Question 7 1 pts Examples of current liabilities are 6-month notes payable, salaries payable, and unearned...
Question 7 1 pts Examples of current liabilities are 6-month notes payable, salaries payable, and unearned revenue. O True O False Question 8 1 pts Which of the following is true of the work sheet? Assets are extended into the Balance Sheet columns as credits. O Expenses are extended into the Income Statement columnas debits. Liabilities are extended into the Balance Sheet columns as debits. Revenues are extended into the Income Statement columns as debits. Question 5 1 pts Which...
Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): WN Long-term debt is composed of the following: December 31 Current Year Preceding Year Total Notes payable $742,000 (215,200) $408,100 (200,300) Less current portion Long-term debt $526,800 $207,800 a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance sheet? co. O b. How much...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
1. Current Portion of Long-Term Debt 2. Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt is composed of the following: 3. December 31 4. Preceding Current Year Year 5. Total Notes payable $742,000 $408,100 6 (215,200) (200,300) Less current portion $526,800 $207,800 Long-term debt 7. a. How much of the notes payable was disclosed as a current liability on the current year's December 31 balance...
Short term notes payable: A. are shown on the balance sheet with current liabilities B. are generally due within three months, with a maximum time period of six months C. are shown on the balance sheet after bonds payable D. are shown as a reduction to notes receivable on the balance sheet, with an appropriate footnote disclosure On December 16, 2016, the ACE Corporation purchases $15,000 of equipment by issuing a 30 day, 12% note payable. The total amount of...
true or false
19. The balance in Premium on Bonds Payable should be reported as a deduction from Bond Payable on the balance sheet.
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
Question 7 1 pts Examples of current liabilities are 6-month notes payable, salaries payable, and unearned revenue. O True O False Question 8 1 pts Which of the following is true of the work sheet? Assets are extended into the Balance Sheet columns as credits. O Expenses are extended into the Income Statement columnas debits. Liabilities are extended into the Balance Sheet columns as debits. Revenues are extended into the Income Statement columns as debits. Question 5 1 pts Which...
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