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A not-for-profit organization has a $100,000 loan that requires the following principal repayments on the last day of each respective fiscal year: FY 2019 =

A not-for-profit organization has a $100,000 loan that requires the following principal repayments on the last day of each respective fiscal year: FY 2019 = $15,000; FY 2020 = $20,000; FY 2021 = $30,000; and FY 2022 = $35,000. True or false: Assuming the organization has no other loans, the current portion of notes payables as of the last day of FY 2020 is equal to $20,000. Question 5 options: True False

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