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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 31
Balance sheet classification
At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of $1,250. Explain how the liability should be classified on the balance sheet.
At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of $1,250. Explain how the liability should be classified on the balance sheet.
Explanation
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Notes payable:
It is a liability useful...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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