New york Corporation has the following liabilities at December 31, 2018: 8% note payable issued November 1, 2018, maturing October 31, 2019 €1,150,000 7% note payable issued August 1, 2018, payable in twelve equal annual installments of $90,000 beginning August 1, 2019 .1,080,000 New york December 31, 2018 financial statements were issued on March 19, 2019. On January 23, 2019, the entire €1,150,000 balance of the 8.% note was refinanced by issuance of a long-term obligation payable in a lump sum. On December 29, 2018, New york consummated a non-cancelable agreement with the lender to refinance the 7%, €1,080,000 note on a long-term basis, on readily determinable terms. On the December 31, 2018 statement of financial position, what amount of these notes payable that New york should classify as short-term obligations ??
New york Corporation has the following liabilities at December 31, 2018: 8% note payable issued November 1, 2018, maturing October 31, 2019 €1,150,000 7% note payable issued August 1, 2018, payable in twelve equal annual installments of $90,000 beginning August 1, 2019 .1,080,000 New york December 31, 2018 financial statements were issued on March 19, 2019. On January 23, 2019, the entire €1,150,000 balance of the 8.% note was refinanced by issuance of a long-term obligation payable in a lump sum. On December 29, 2018, New york consummated a non-cancelable agreement with the lender to refinance the 7%, €1,080,000 note on a long-term basis, on readily determinable terms. On the December 31, 2018 statement of financial position, what amount of these notes payable that New york should classify as short-term obligations ??
Chapter1: Financial Statements And Business Decisions
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New york Corporation has the following liabilities at December 31, 2018:
8% note payable issued November 1, 2018, maturing October 31, 2019
€1,150,000
7 % note payable issued August 1, 2018, payable in twelve equal
annual installments of $90,000 beginning August 1, 2019
.1,080,000
New york December 31, 2018 financial statements were issued on March 19, 2019.
On January 23, 2019, the entire €1,150,000 balance of the 8.% note was refinanced
by issuance of a long-term obligation payable in a lump sum.
On December 29, 2018, New york consummated a non-cancelable agreement with
the lender to refinance the 7%, €1,080,000 note on a long-term basis, on readily
determinable terms.
On the December 31, 2018 statement of financial position, what amount of these notes
payable that New york should classify as short-term obligations ??
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