Question
Empresas ABC presents the following information as of December 31, 2020: Document payable (notes payable) of $ 400,000, 4%, which expires on April 15, 2021.
Empresas ABC presents the following information as of December 31, 2020:
Document payable (notes payable) of $ 400,000, 4%, which expires on April 15, 2021. ABC reached an agreement with the Bank to refinance the document for two years. The deal has NOT been completed. An overdraft of $ 70,000 on a bank account. Overdrafts are NOT a normal part of the company's cash management plan. Bonds payable for $ 600,000, at 3%, expire on December 31, 2025. The company violated an agreement with the bondholders and exceeded the payment of bonuses to employees, which caused the new expiration date of the bonds to be on February 28, 2021. The amount that ABC Companies must present as current debt in its balance sheet as of December 31, 2020 is:
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$470,000
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$1,070,000
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$400,000
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$1,000,000
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