Answer:
They should be reported in 2 different parts, first under current liabilities as:
Then under long term liabilities:
- Notes payable expected to be refinanced $1,044,000
Explanation:
the total short term notes payable on December 31 = $1,313,000
- $1,044,000 were paid off by issuing common stocks, so that portion of the debt must be reported as notes payable expected to be refinanced (or refinanced debt)
- the remaining $269,000 which were paid using cash reserves must be reported as current notes payable
Answer and Explanation:
This is not true. Since, instant messages require prompt communication many people think that it could be used causally. Which is false. In a business organization it is vital that you follow the standard operating procedure as well as follow the formal way of communication. Especially when it comes to communication through email.
Answer:
a transactional broker.
Explanation:
A disclosure is a legally binding agreement between the buyer and seller of a property, wherein the seller highlights all the information or details they know about the property for the purpose of enlightening and informing the buyer. It contains informations such as legal encumbrance, structural flaw, size of property etc.
In this scenario, a real estate professional specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. Although not an agent of either party, the real estate professional may not disclose either party's confidential information to the other. Thus, the real estate professional is best described as a transactional broker who is licensed to practice within the state.
Answer: See explanation
Explanation:
a. Determine the due date of the note.
The due date will be gotten by calculating the date that will make 120 days starting from April 9th. This will be:
April = 30 - 9 days = 21 days
May = 31 days
June = 30 days
July = 31 days
August = 7th day.
Therefore, August 7 is the due date
b. Determine the maturity value of the note.
Amount of interest on note = 96000 x 10% x 120/360
= 96000 × 0.1 × 1/3
= $3200
Then, Maturity Value will be:
=$96000 + $3200
= $99200
c. Journalize the entry to record the receipt of the payment of the note at maturity.
7th August:
Debit: Cash = $99200
Credit: Note receivable = $96000
Credit: Interest revenue = $3200
(Note receivable realized)
