Larkspur Enterprises has three notes payable outstanding on December 31, 2024, as follows: A six-year, 6%, $66,000 note payable issued on March 31, 2024. Larkspur Enterprises is required to pay $11,000 plus interest on March 31 each year starting in 2025. A seven-month, 5%, $32,400 note payable issued on July 1, 2024. Interest and principal are payable at maturity. A 30-month, 6%, $132,000 note payable issued on September 1, 2024. Larkspur Enterprises is required to pay $4,400 plus interest on the first day of each month starting on October 1, 2024. All payments are up to date. 1. 2. 3. (a) Calculate the current portion of each note payable. Note 1 Note 2 Note 3 $ $ $ Current Portion
Larkspur Enterprises has three notes payable outstanding on December 31, 2024, as follows: A six-year, 6%, $66,000 note payable issued on March 31, 2024. Larkspur Enterprises is required to pay $11,000 plus interest on March 31 each year starting in 2025. A seven-month, 5%, $32,400 note payable issued on July 1, 2024. Interest and principal are payable at maturity. A 30-month, 6%, $132,000 note payable issued on September 1, 2024. Larkspur Enterprises is required to pay $4,400 plus interest on the first day of each month starting on October 1, 2024. All payments are up to date. 1. 2. 3. (a) Calculate the current portion of each note payable. Note 1 Note 2 Note 3 $ $ $ Current Portion
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Larkspur Enterprises has three notes payable outstanding on December 31, 2024, as follows:
1.
2.
3.
A six-year, 6%, $66,000 note payable issued on March 31, 2024. Larkspur Enterprises is required to pay $11,000 plus interest
on March 31 each year starting in 2025.
A seven-month, 5%, $32,400 note payable issued on July 1, 2024. Interest and principal are payable at maturity.
A 30-month, 6%, $132,000 note payable issued on September 1, 2024. Larkspur Enterprises is required to pay $4,400 plus
interest on the first day of each month starting on October 1, 2024. All payments are up to date.
Calculate the current portion of each note payable.
Note 1
Note 2
Note 3
$
$
$
Current Portion
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