1. OMAHA, Inc. closes the books on December 31 of each year and usually posts its 1OK before the end of January of the following year. In the first meeting of January 2022, the vice president commented the following related to the presentation of two promissory notes (note payable) in the Statement of Financial Position of December 31, 2021: Comment 1: The loan of $50,000 that matured on December 30 January 2022, it was refinanced with the same bank on January 2, 2022. The due date of the new note is June 30, 2022. Therefore, we
1. OMAHA, Inc. closes the books on December 31 of each year and usually posts its 1OK before the end of January of the following year. In the first meeting of January 2022, the vice president commented the following related to the presentation of two promissory notes (note payable) in the Statement of Financial Position of December 31, 2021: Comment 1: The loan of $50,000 that matured on December 30 January 2022, it was refinanced with the same bank on January 2, 2022. The due date of the new note is June 30, 2022. Therefore, we
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
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