Question: True or False: Notes payable are written promissory note. To be classified as non-current liability, a debt must be expected to be paid within 3

True or False:

  1. Notes payable are written promissory note.
  2. To be classified as non-current liability, a debt must be expected to be paid within 3 years.
  3. A note payable usually does not requires the borrower to pay interest.
  4. A HK$190,000, 5%, 6-month note payable requires an interest payment of HK$4,750 at maturity.
  5. Metropolitan Symphony sells 200 season tickets for 180,000 that represents a six concert season. The amount of Unearned Ticket Revenue after the fourth concert is

60,000.

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