Question: True or false Notes payable are written promissory note. To be classified as current liability, a debt must be expected to be paid within 6

True or false

  1. Notes payable are written promissory note.
  2. To be classified as current liability, a debt must be expected to be paid within 6 months.
  3. A note payable usually does not requires the borrower to pay interest.
  4. A HK$70,000, 5%, 6-month note payable requires an interest payment of HK$1,750 at maturity.
  5. Metropolitan Symphony sells 200 season tickets for 80,000 that represents a four concert season. The amount of Unearned Ticket Revenue after the second concert is $40000

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