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13 April, 09:16

Nash's Trading Post, LLC issued a five-year interest-bearing note payable for $222000 on January 1, 2019. Each January the company is required to pay $44000 on the note. How will this note be reported on the December 31, 2020, balance sheet

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  1. 13 April, 12:33
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    balance sheet

    liabilities

    note payables (current portion) 44,000

    non-current liabilities

    long-term note payable 178,000

    Explanation:

    On December 31,2020 there will be a portion of the note that will be declared as current liability while another non-current as within 12-months there is payment due (to be more precise next day after the balance close)

    Thus 222,000 - 44,000 = 178,000 long-term

    while the 44,000 are declared short-term
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Home » Business » Nash's Trading Post, LLC issued a five-year interest-bearing note payable for $222000 on January 1, 2019. Each January the company is required to pay $44000 on the note. How will this note be reported on the December 31, 2020, balance sheet
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