Reference no: EM132756649
Kelly Company disclosed the following information on December 31, 2019:
Accounts payable 6,500,000
Bank note payable- 10% 3,000,000
Bank note payable- 11% 5,000,000
Bonds payable- due June 30, 2020 4,000,000
Additional information:
- The 3,000,000, 10% note was issued March 1, 2018, payable on demand. Interest is payable on every six months.
- The one year 5,000,000, 11% note was issued January 15, 2019
On December 31, 2018, the entity negotiated a written agreement with the bank to replace the note with a 2-year, 5,000,000, 10% note to be issued January 15, 2019.
Problem 1: What amount should Kelly Company report as total current liabilities?
a. 14,650,000
b. 13,650,000
c. 10,450,000
d. 11,670,000
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