On December 31, 2020, Windsor Company had $1,198,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 23,200 shares of its common stock for $28 per share, receiving $649,600 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $548,400 cash, are used to liquidate the $1,198,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021.Show how the $1,198,000 of short-term debt should be presented on the December 31, 2020, balance sheet.

Answer and Explanation:

The balance sheet is shown below:-

The computation of note payable is below:-

Notes Payable = $1,198,000 - $649,600

= $548,400

Total notes payable by the company are$1,198,000, of which $649,600 is common stock issue and $548,400 is cash liquidate.

                       Windsor Company

                     Partial Balance sheet

                       December 31, 2020

Particulars              Amount

Current Liabilities:

Notes Payable             $548,400

Long term Debt:  

Notes Payable            $649,600

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