Business, 22.04.2020 00:04 allimaycatp8qgaq
On December 31, 2018, Irey Co. has $4,000,000 of short-term notes payable due on February 14, 2019. On January 10, 2019, Irey arranged a line of credit with County Bank which allows Irey to borrow up to $3,000,000 at one percent above the prime rate for three years. On February 2, 2019, Irey borrowed $2,400,000 from County Bank and used $1,000,000 additional cash to liquidate $3,400,000 of the short-term notes payable. The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2018 balance sheet which is issued on March 5, 2019 is
a. $0.
b. $300,000.
c. $500,000.
d. $800,000.
Answers: 2
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On December 31, 2018, Irey Co. has $4,000,000 of short-term notes payable due on February 14, 2019....
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