Parton owes $3 million that is due on February 28, 2023. The company borrows $2,400,000 on February 25 (on a 5-year note), uses the proceeds to pay down the $3 million note and uses other cash to pay the balance How much of the $3 million note is classified as short- term in the December 31, 2022 financial statements? The financial statements were released on March 2, 2023. 1.$ 600,000 2, $0 3. $3,000,000

Parton owes $3 million that is due on February 28, 2023. The company borrows $2,400,000 on February 25 (on a 5-year note), uses the proceeds to pay down the $3 million note and uses other cash to pay the balance How much of the $3 million note is classified as short- term in the December 31, 2022 financial statements? The financial statements were released on March 2, 2023. 1.$ 600,000 2, $0 3. $3,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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