What information should be reported for the note payable

Reference no: EM131830654

Question: 1.Jenny Perez believes a current liability is a debt that can be expected to be paid in one year. Is Jenny correct? Explain.

2. Rayborn Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July 1. Rayborn's fi scal year ends on September 30. What information should be reported for the note payable in the annual fi nancial statements?

Reference no: EM131830654

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What information should be reported for the note payable : Rayborn Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July 1. Rayborn's fi scal year ends on September 30.

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