The answer in Executing. Executing stage in the cycle, a major portion of the project work are performed. In this stage, you are also more likely to find the status changes, reports and the creation of the forecasts. Stages of project life cycle have four phases namely Initiation, Planning, Execution and Closure.
A short-term liability is a payment that is due in 12 months or less. Hence notes payable due in six months is reported as a short-term liability.
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What is a liability?</h3>
In the parlance of Accounting and Finance, a Liability is a financial obligation that the company owes to individuals, or organizations with which it has transactional or legal relationship.
Hence, it is correct to indicate that notes payable due in six months is reported as a short-term liability.
Learn more about liability at;
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Answer:
the stated interest rate on the note is 12%
Explanation:
The computation of the stated rate of interest on the note is shown below:
= Interest ÷ Principal amount
= $600 ÷ $10,000
= 0.06
Since it is of six months but we have to determine annually
So we should multiplied it by 2
Like this
= 0.06 × 2
= 12%
hence, the stated interest rate on the note is 12%
Answer: $10,000
Explanation:
When a Creditor relies a debtor of the obligation to pay back a debt (Debt cancellation), this is treated as income.
This income is quite taxable and must be reported on the Tax return of the year that it was forgiven.
Marie should therefore report the entire amount forgiven which was the whole amount of $10,000 in her Tax return for 2019 even though she has received no income from it.