A Poem A Day Company had P2,000,000 note payable that is due on February 28, 2021. The entity borrowed P1,600,000 on February 25, 2021 which has a five year term and used the proceeds to pay down the note and used other cash to pay the balance.



How much of the note payable is classified is classified as current in the December 31, 2020 financial statements that were issued on March 31, 2021?

Answer rating: 100% (QA)

In the December 31 2020 financial statements that were issued o... View the full answer