Question
Jam Company had P5,000,000 note payable that is due on March 1, 2017. The entity borrowed P3,500,000 on February 1, 2017 which has a five-year
Jam Company had P5,000,000 note payable that is due on March 1, 2017. The entity borrowed P3,500,000 on February 1, 2017 which has a five-year term and used the proceeds to pay down the note and used other cash to pay the balance.
The 2016 financial statements were issued on March 31, 2017.
What amount of the note payable should be classified as noncurrent on December 31, 2016?
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Financial Accounting An Introduction
Authors: Pauline Weetman
4th Edition
0273703404, 978-0273703402
