Question
Multiple Choice Question 95 Concord Luxuries Company issued a four-year interest-bearing note payable for $607000 on January 1, 2020. Each January the company is required
Multiple Choice Question 95
Concord Luxuries Company issued a four-year interest-bearing note payable for $607000 on January 1, 2020. Each January the company is required to pay $151750 on the note. How will this note be reported on the December 31, 2021 balance sheet?
Long-term debt, $455250; Long-term debt due within one year, $151750.
Long-term debt, $455250.
Long-term debt, $607000.
Long-term debt, $303500; Long-term debt due within one year, $151750.
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Managerial Accounting
Authors: Wendy M. Tietz, Louis Beaubien, Karen W. Braun
3rd Canadian edition
134460826, 134460820, 9780134524818 , 978-0134526270
