Note payable can be classified as long-term debt, Accounting Basics

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Note payable can be classified as long-term debt

Cooper's inventory has been financed 100% with a long-term note. The note is coming due in 2011. Cooper has received a commitment from a new lender that permits five-year refinancing of debt up to an amount equal to 50% of inventory, which is expected to range between $9,000 and $15,000 in 2011. At December 31, 2010, how much of the company's currently maturing note payable can be classified as long-term debt?

a. $4,500

b. $7,500

c. $6,000

d. $9,000

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Accounting Basics: Note payable can be classified as long-term debt

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Accounting Basics: Note payable can be classified as long-term debt

Reference No:- TGS046852

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Present value of the future payoff

Q : Evaluate how or why the business made a mistake

Q : What are the consolidated sales and cost of goods sold

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Note payable can be classified as long-term debt

Reference No:- TGS046852

Recent Questions Asked Accounting Basics

Q : Present value of the future payoff

Q : Evaluate how or why the business made a mistake

Q : What are the consolidated sales and cost of goods sold

Q : Which market gives highest possible return for new company

Q : Note payable can be classified as long-term debt

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