Solution-How will note be reported on the december

How will note be reported on the december

Reference no: EM132835660

Problem 1: Muffin Ltd. issued a five-year, interest-bearing note payable for $65,000 on January 1, year 1. Each January the company is required to pay $5,000 on the note. How will this note be reported on the December 31, year 2 Statement of Financial position, (balance sheet)?

a) Long-term debt, $50,000.

b) Long-term debt, $55,000; Long-term debt due within one year, $5,000.

c) Long-term debt, $65,000.

d) Long-term debt, $50,000; Long-term debt due within one year, $15,000.

Reference no: EM132835660

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How will note be reported on the december

Reference no: EM132835660

Reference no: EM132835660

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