Question

Jamison Company has the following obligations at December 31:
(a) A note payable for $100,000 due in 2 years,
(b) A 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments,
(c) Interest payable of $15,000 on the mortgage,
(d) Accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability. (Assume an operating cycle of less than one year.)



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  • CreatedJanuary 30, 2014
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