Current Maturities of Long illustration

Current Maturities of Long illustration - of the note....

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Current Maturities of Long-Term Debt illustration Illustration: Wendy Construction issues a five-year, interest- bearing $25,000 note on January 1, 2009. This note specifies that each January 1, starting January 1, 2010, Wendy should pay $5,000
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Unformatted text preview: of the note. When the company prepares financial statements on December 31, 2009, 1. What amount should be reported as a current liability? __5,000__ 2. What amount should be reported as a long-term liability? __20,000__...
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This note was uploaded on 01/04/2012 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.

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