Answers
What is Notes Payable?
Notes Payable are written agreements (promissory notes) in which one party agrees to pay the other party a certain amount of cash. Alternatively put, a note payable is a loan between two parties.
The following information is contained in a note payable:
- The amount to be paid
- The interest rate applied to the loan
- The maturity date
- Name of the maker of the note (payer)
- Name of the payee
- The signature of the person who issued the note with the date signed.
2. Notes Payable on a Balance Sheet
Notes payable appear as liabilities on a balance sheet. Additionally, they are classified as current liabilities when the amounts are due within a year. When a note’s maturity is more than one year in the future, it is classified with long-term liabilities.
It is shown in Balance Sheet as :
It is shown as a Long Term Liability because the payment is not done within 1 year.
Balance sheet Amount Amount XXX XXX XXX Assets Current Assets Cash Short-Term Investments Net-Accounts Receivable Inventories Prepaid Total Current assets Equipment Total Assets XXX XXX XXX XXX XXX Liabilities Current Liabilities Notes Payable (Long Term) Total Stockholders Equity Total liabilities and stockholders' equity XXX $100,000 XXX XXXXX
.
Similar Solved Questions
1 answer
Suppose you short sell 20 shares of ABC, now selling at $51 per share. The initial...
Suppose you short sell 20 shares of ABC, now selling at $51 per share. The initial margin of your purchase is 55% and the maintenance margin is 25%. At what stock price will you receive a margin call?...
1 answer
In the class, we have shown how to maximize performance on our pipelined datapath with forwarding...
In the class, we have shown how to maximize performance on our pipelined datapath with forwarding and stalls on a use following a load. Rewrite the following code to minimize performance on this datapath – that is, reorder the instructions so that this sequence takes the most clock cycles to e...
1 answer
Q-1: (a Briefly describe () Event,(i) Inertial Frame, (i) Proper Length (b) Define briefly the Doppler...
Q-1: (a Briefly describe () Event,(i) Inertial Frame, (i) Proper Length (b) Define briefly the Doppler Effect for waves/periodic phenomena and explain why there are four different equations for sound waves but for light (or other electromagnetic waves) there are only two? (c) (i) Roughly Sketch Worl...
1 answer
2.) Your Australian friend has just pointed out that American football" is poorly name begun to...
2.) Your Australian friend has just pointed out that American football" is poorly name begun to enumerate the many ways in which Aussie rules is the sunerior sport. You get tevens by dropping some ice into her tea. You take the ice from a -20.0 °C freezer and put it into thermos that contain...
1 answer
Exercise 2A-3 (Algo) Cost Behavior; High-Low Method (LO2-10] Hoi Chong Transport, Ltd., operates a fleet of...
Exercise 2A-3 (Algo) Cost Behavior; High-Low Method (LO2-10] Hoi Chong Transport, Ltd., operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is driven 90,000 kilometers during a year, the average operating cost is 9.1 cents per kilometer. If a truck is driven ...
1 answer
1. In 2014 the Center for Disease Control claimed 70.7% of American adults were overweight. The...
1. In 2014 the Center for Disease Control claimed 70.7% of American adults were overweight. The UCLA Carter for Health Policy Research reports that 46% of Californians are overweight. Assume the information came from a simple random sample of 500 people. Can we conclude a lower proportion of Califor...
1 answer
Let C⃗ = (3.75 m, 15 ∘ above the negative x-axis) and D⃗ = (39.6 m,...
Let C⃗ = (3.75 m, 15 ∘ above the negative x-axis) and D⃗ = (39.6 m, 30 ∘ to the right of the negative y-axis). A) Find the x-component and the y-component of C⃗ . Enter your answers numerically separated by a comma. B) Find the x-component and the y-component of C⃗...
1 answer
A random sample of 16 graduates of a certain secretarial school typed an average of 76.1...
A random sample of 16 graduates of a certain secretarial school typed an average of 76.1 words per minute with a standard deviation of 7.3 words per minute. Assuming a normal distribution for the number of words typed per minute, find a 90% confidence interval for the average number of words typed b...
1 answer
6 How many H atoms are present in 1,3-dimethylcyclopentane? a) 8 O b) 9 O c)...
6 How many H atoms are present in 1,3-dimethylcyclopentane? a) 8 O b) 9 O c) 10 O d) 12 O e) 14 O f) 16 7 When but-1-ene is reacted with HCI, the result is mainly 1-chlorobutane. O a) true O b) false 8 Aromatic hydrocarbons undergo addition reactions similar to those of alkenes O a) true o b) false...
1 answer
Can someone please give me a summary of this article “food web complexity and species diversity”...
Can someone please give me a summary of this article “food web complexity and species diversity” PAPER 38 Vel. 100, No.910 The Aseric n Natualist JanBay-Febroary, 1966 FOOD WEB COMPLEXITY AND SPECIES DIVERSITY ROBERT T. PAINE Depactment ef Zoology, Usiversiry of Vashington, Seattle, ...
1 answer
YOU ONLY NEED TO ANSWER THESE: 3. What is the molarity (M) of Pb2+ at 13,000...
YOU ONLY NEED TO ANSWER THESE: 3. What is the molarity (M) of Pb2+ at 13,000 ppb 4. If we want to know how many ppb of Pb2+ at the same molarity can be found in a solvent other than water, say ethanol, CH3CH2OH, what piece of information do you need to look up to answer this question? 5. The molarit...
1 answer
27. 0.1 points 0/4 Submissions Used Consider the titration of 20.0 mL of 0.0100 MHON (a...
27. 0.1 points 0/4 Submissions Used Consider the titration of 20.0 mL of 0.0100 MHON (a weak base: K - 1.1008) with 0.100 . Calculate the ph after the following volumes of the bes t (a) 0.0 ml (b) 4.0 mL (d) 12.0 ML (0) 16.0 ml PH-...
1 answer
The ethylenediaminetetraacetate ion, H2Y 2-, forms a strong complex with the calcium ion. How does the addition of the H...
The ethylenediaminetetraacetate ion, H2Y 2-, forms a strong complex with the calcium ion. How does the addition of the H2Y 2- affect the molar solubility of Ca(OH)2? Explain....
1 answer
Need ASAP, Show all steps. Thanks. Supplemental Problems 10.16 A 12-in.-diameter structural nickel steel specimen was...
Need ASAP, Show all steps. Thanks. Supplemental Problems 10.16 A 12-in.-diameter structural nickel steel specimen was subjected to a tension test. After rupture it was determined that the 2-in. standard-gage length had stretched to 2.42 in. The minimum diameter at the fracture was measur...
1 answer
The following adjusted trial balance contains the accounts and bal fiscal year ances of Cruz Company...
The following adjusted trial balance contains the accounts and bal fiscal year ances of Cruz Company as of December 31, 2017, the end of its Account TitleDebit Credit No 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 381 T. Cruz, Capital 302 T. Cruz,...
1 answer
Chapter 9 - Practice Test Bad Debts Starsky and Hutch, Inc. has 5500 000 inim e...
Chapter 9 - Practice Test Bad Debts Starsky and Hutch, Inc. has 5500 000 inim e sed SSO 000ccounts receive at the end of 2016 Prepare the appropriate entries given these three scenarios 1. The company uses the allowance med, and sumes that had debts will be 0.5% of sales. Before the adjustment, the ...
1 answer
Submit All Questions Completed 0 out of 30 Save Answer < Question 3 of 30 >...
Submit All Questions Completed 0 out of 30 Save Answer < Question 3 of 30 > If 5.13 mL of 10.0 M NaOH is used for a reaction, calculate the number of moles of NaOH that were used. number of moles of NaOH = mol about us careers privacy policy terms of use contact us help...
1 answer
‘Taxes are a fact of life, and businesses, like individuals, must pay taxes on Income’ –...
‘Taxes are a fact of life, and businesses, like individuals, must pay taxes on Income’ – Elucidate....
1 answer
Identify the element oxidized, the element reduced, the oxidizing agent, and the reducing agent in the...
Identify the element oxidized, the element reduced, the oxidizing agent, and the reducing agent in the following reactions: 4) Identify the element oxidized, the element reduced, the oxidizing agent, and the reducing agent in the following reactions: Reduced Ox Agent Sodium. b) 2 Nao) Clas) 2 Nac...
1 answer
How would the cno craft an agenda and circulate it for a town-hall meeting?
How would the cno craft an agenda and circulate it for a town-hall meeting?...