YG Company has a loan due for repayment in six-month time, but it has discretion to refinance for repayment fifteen months later. YG exercised its discretion by entering into a refinancing agreement that was signed after the balance sheet date but before financial statements were authorized for issue. Based on the foregoing facts, in which section of the statement of financial position should the loan be presented?
YG Company has a loan due for repayment in six-month time, but it has discretion to refinance for repayment fifteen months later. YG exercised its discretion by entering into a refinancing agreement that was signed after the balance sheet date but before financial statements were authorized for issue. Based on the foregoing facts, in which section of the statement of financial position should the loan be presented?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
YG Company has a loan due for repayment in six-month time, but it
has discretion to refinance for repayment fifteen months later. YG
exercised its discretion by entering into a refinancing agreement that was
signed after the balance sheet date but before financial statements were
authorized for issue. Based on the foregoing facts, in which section of the
a. Current assets
b. Non-current assets
c. Current liabilities
d. Non-current liabilities
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