On January 5, Thomas Company, which follows a calendar year, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 each of the next four years. The proper balance sheet presentation on December 31 is
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Production estimates for July are as follows:Estimated inventory (units), July 1 8,500Desired inventory (units), July 31 10,500Expected sales volume (units), July 76,000For each unit produced, the direct materials requirements are as follows:Direct
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