Question
On December 31,2015, ABC Co. has $500,000 of long-term note payable, and $360,000 of it is due On February 29, 2016. On March 15, ABC
On December 31,2015, ABC Co. has $500,000 of long-term note payable, and $360,000 of it is due On February 29, 2016. On March 15, ABC Co. borrowed S200,000 at prime rate for five years. The amount of long-term note payable should be reported on December 31,2016 balance sheet is ___ ?
| a. | $0 | |
| b. | $340,000 | |
| c. | $700,000 | |
| d. | $200,000 |
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Hospitality Industry Managerial Accounting
Authors: Raymond S. Schmidgall
8th Edition
0866124977, 9780866124973
