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A long-term note payable maturing within the coming year should be reported as a long term liability if: The debt is callable by a creditor.
A long-term note payable maturing within the coming year should be reported as a long term liability if:
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The debt is callable by a creditor.
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The note payable is secured with adequate collateral.
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The borrower has a long-term line of credit.
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The firm has the intent and ability to refinance the note on a long-term basis.
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