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The following selected liabilities of Blues Company were outstanding on December 3 1 , 2 0 2 0 . $ 5 0 , 0 0
The following selected liabilities of Blues Company were outstanding on December $ tenyear, note payable, originating September Sufficient cash is expected to be available to retire the note at maturity. On December Blues Company had a $ note payable with First Choice Bank due January The loan agreement with First Choice Bank requires Blues Company to maintain a minimum current ratio of for each monthly reporting period, with a onemonth grade period allowed to cure any violations. On December Blues Company's current ratio slips to assuming a classification of the note payable as longterm. On January the current ratio is Blues Company borrowed $ through a note payable dated December Interest is due annually on December and the principal is due on December The note will be paid on December with amounts Blues Company accumulated in a longterm investment fund classified as a longterm asset. Blues Company uses cash to pay a $ shortterm note in February Blues Company subsequently issues a longterm note payable for $ before the financial statements are issued. Which of the above should be reported as a noncurrent liability on the balance sheet dated December
The following selected liabilities of Blues Company were outstanding on December
$ tenyear, note payable, originating September Sufficient cash is expected to be available to retire the note at maturity.
On December Blues Company had a $ note payable with First Choice Bank due January The loan agreement with First Choice Bank requires Blues Company to maintain a minimum current ratio of for each monthly reporting period, with a onemonth grade period allowed to cure any violations. On December Blues Company's current ratio slips to assuming a classification of the note payable as longterm. On January the current ratio is
Blues Company borrowed $ through a note payable dated December Interest is due annually on December and the principal is due on December The note will be paid on December with amounts Blues Company accumulated in a longterm investment fund classified as a longterm asset.
Blues Company uses cash to pay a $ shortterm note in February Blues Company subsequently issues a longterm note payable for $ before the financial statements are issued.
Which of the above should be reported as a noncurrent liability on the balance sheet dated December
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