Included in Levis Corporationn’s liability account balances at December 31,2018, were the following: 14% note payable issued Oct 1,2017, maturing September 30,2019 1,250,000 16% note payable issued April 1,2016, due on April 2019 2,000,00 On December 31,2018, the company expects to refinance the P2,000,00 by the issuance of a long term note payable in lumpsum. The refinancing of the P2,000,00 is at the discretion of the enterprise. Levis Decemebr 31,2018 financial statements were issued on March 31,2019. On Jan 15,2019, the entire P2,00,000 balance of the 16% note was refinanced by issuance of a long term obligation payable. On December 31,2018 balance sheet, what amount of the notes payable should Levis classify as Long term obligation?
5. Included in Levis Corporationn’s liability account balances at December 31,2018, were the following:
14% note payable issued Oct 1,2017, maturing
September 30,2019 1,250,000
16% note payable issued April 1,2016, due on April 2019 2,000,00
On December 31,2018, the company expects to refinance the P2,000,00 by the issuance of a long term note payable in lumpsum. The refinancing of the P2,000,00 is at the discretion of the enterprise.
Levis Decemebr 31,2018 financial statements were issued on March 31,2019. On Jan 15,2019, the entire P2,00,000 balance of the 16% note was refinanced by issuance of a long term obligation payable.
On December 31,2018
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