Pharaoh company obtains $44,800 in cash by signing a 7%, 6 month, $44,800 note payable to First
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Question:
Pharaoh company obtains $44,800 in cash by signing a 7%, 6 month, $44,800 note payable to First Bank on July 1. Pharoah's fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements?
In the balance sheet, Notes Payable of $______ and Interest Payable of $_____ should be reported as _______.
In the income statement, Interest Expense of $_____ should be reported under ______.
Expert Answer:
To solve this problem we need to calculate the interest payable and the interest expense for Pharaoh ... View the full answer
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