On November 1, 2016, EZ Products borrowed $64,000 on a 5%, 5-year note with annual installment payments of $12,800 plus interest due on November 1 of each succeeding year
On November 1, 2018, what is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.)
A) $38,400
B) $64,000
C) $51,200
D) $12,800
A .Long-term notes payable = $64,000 - $12,800 - $12,800 = $38,400
You might also like to view...
MPR is the technique of turning an organization's activities into news. Provide a few examples of opportunities for MPR in today's media environment
What will be an ideal response?
Which of the following is true of the facilitating function performed by intermediaries?
a. It involves explaining a product's features, advantages, and benefits. b. It includes transportation and storage of assets. c. It includes research and financing. d. It involves communicating with prospective buyers to make them aware of existing products.
The common law requires a note to contain the words "promissory note."
Indicate whether the statement is true or false
Reports and proposals are the most common types of long documents you write in business.
Answer the following statement true (T) or false (F)