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2 years ago

Is a liability that represents the amount the company owes to others as a result of issuing a promissory note.

1 answer:

4 0

A note payable is a financial document considered a liability that represents that it records that the company that signs it has the obligation to pay on the specific date.

<h3>What is a note payable?</h3>

It is a document that commits its issuer (the company) to pay a certain amount, within a specific period.

Its characteristic is the exchange action, which refers to the document being returned to the subscriber in exchange for payment.

Therefore, we can conclude that a note payable is a financial document considered a liability that represents that it records that the company that signs it has the obligation to pay on the specific date.

Learn more about a note payable here: brainly.com/question/25738368

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Explanation:

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Drawbacks of using variable or full costing to set transfer prices include ______. Multiple select question. suboptimization tha

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Answer:

a lack of incentive to control costs because they are simply passed to another department

a lack of departmental profit for the supplying department

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Explanation:

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4 years ago

In early January 2020, Southland Growers began construction of a new, fully automated citrus processing plant. The plant was fin

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Answer:

The weighted average accumulated expenditures for 2020 were;

$10,200,000

Explanation:

To determine the accumulated expenditures for 2020, follow the steps below;

<em>Step 1: Determine outstanding loans in 2020</em>

Expense

Since the first loan taken was taken on January 2,2020, the its weighted average will be the outstanding loan for that year multiplied by the number of months when the loan was used over number of months in a year. This can be expressed as;

Loan outstanding=$2,200,000×12/12=$2,200,000

For the bonds, we have been given the outstanding balance for 2020 already as shown;

Bonds outstanding in 2020=$8,000,000

<em>Step 2: Determine the weighted-average accumulated expenditures in 2020</em>

Average accumulated=January 2,2020 Loan outstanding+Bonds outstanding in 2020

replacing;

Average accumulated=(2,200,000+8,000,000)=$10,200,000

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4 years ago