Question
As of December 31, 2021, Desert Company reports that the balance of its Notes Payable account consists of the following: A $32,824 note due
As of December 31, 2021, Desert Company reports that the balance of its Notes Payable account consists of the following: A $32,824 note due on April 30, 2022. A $57,428 note due on September 1, 2025. A $67,991 note due in three equal annual installments. The next installment is due February 15, 2022. What does Desert Company report as current liabilities on its December 31st, 2021, balance sheet?
Step by Step Solution
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Step: 1
The 32824 note due on April 30 2022 is within one year from December 31 2021 so it should be conside...
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
10th edition
1260481956, 1260310175, 978-1260481952
