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Question 24. Torpedo plc took out a bank loan on 1 April 20X0 for $10,000. It is due to be paid back in equal monthly instalments of $250, starting on 1 May 20X0. How should Torpedo include the loan in its statement of financial position at 30 June 20X0? A non-current liability of $9,500 A current liability of $3,000 and a non-current liability of $7,000 A non-current liability of $10,000 A current liability of $3,000 and a non-current liability of $6,500

Question 24. Torpedo plc took out a bank loan on 1 April 20X0 for $10,000. It is due to be paid back in equal monthly instalments of $250, starting on 1 May 20X0. How should Torpedo include the loan in its statement of financial position at 30 June 20X0? A non-current liability of $9,500 A current liability of $3,000 and a non-current liability of $7,000 A non-current liability of $10,000 A current liability of $3,000 and a non-current liability of $6,500

FINANCIAL ACCOUNTING
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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Question 24. Torpedo plc took out a bank loan on 1 April 20X0 for $10,000. It is due to be paid back in equ monthly instalments of $250, starting on 1 May 20X0. How should Torpedo include the loan in its statement of financial position at 30 June 20X0? A non-current liability of $9,500 A current liability of $3,000 and a non-current liability of $7,000 A non-current liability of $10,000 A current liability of $3,000 and a non-current liability of $6,500
Transcribed Image Text:Question 24. Torpedo plc took out a bank loan on 1 April 20X0 for $10,000. It is due to be paid back in equ monthly instalments of $250, starting on 1 May 20X0. How should Torpedo include the loan in its statement of financial position at 30 June 20X0? A non-current liability of $9,500 A current liability of $3,000 and a non-current liability of $7,000 A non-current liability of $10,000 A current liability of $3,000 and a non-current liability of $6,500
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