Question
Rayborn Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July Rayborn's fiscal year ends on September
Rayborn Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July Rayborn's fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements?,disclosure is required and Why is this important?
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Introduction To Financial Accounting
Authors: Charles T Horngren, Gary L Sundem
10th Edition
136122973, 978-0136122975
