Kananga Company has these obligations at December 31: (a) a note payable for $100,000 due in 2
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Kananga Company has these obligations at December 31:
(a) a note payable for $100,000 due in 2 years,
(b) a 10-year mortgage payable of $200,000 payable in ten
$20,000 annual payments,
(c) interest payable of $15,000 on the mortgage, and
(d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability.
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Related Book For
Financial Accounting Tools For Business Decision Making
ISBN: 9780471730514
4th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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