Frederickson Company obtains $40,000 in cash by signing a 9%, 6-month, $40,000 note payable to First Bank
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Frederickson Company obtains $40,000 in cash by signing a 9%, 6-month, $40,000 note payable to First Bank on July 1. Frederickson’s fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements? Discuss.
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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