Concept explainers
Research Case 21–9
FASB codification; locate and extract relevant information and cite authoritative support for a financial reporting issue; cash flow classification
• LO21–4 through LO21–6
“This one’s got me stumped,” you say to no one in particular. “First day on the job; I’d better get it right.” It’s the classification of notes payable in the statement of
Required:
- 1. Obtain the relevant authoritative literature on cash flow classification using the FASB Accounting Standards Codification. You might gain access at the FASB website (www.fasb.org). What is the specific citation that specifies the classification of notes payable to suppliers?
- 2. Is accounting the same as for notes payable to banks? Explain.
- 3. Is accounting the same for both short-term and long-term notes payable to suppliers?
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