At December 31 . 2014, Ambrose Sales & Service has a $100,000, 120-day note payable outstanding. The company has followed the policy of replacing the note rather than repaying it over the last three years. The company's treasurer says that this policy is expected to continue indefinitely, and the arrangement is acceptable to the bank to which the note was issued. The proper classification of the
note on the December 31 . 2014, balance sheet is
a. dependent on the intention of management.
b. dependent on the actual ability to refinance.
c. current liability, unless specific refinancing criteria are met.
d. noncurrent liability.
C
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Financial statement notes must disclose significant limitations on dividend declarations
Indicate whether the statement is true or false
Intergroup competition results in all of the following EXCEPT:
a. Decreased focus of the group on its task b. Increased prejudices and negative beliefs about the other group c. Reduced ability of the group to act creatively d. Increased conflicts between the groups
Which of the following is a stressor at the group level?
A. Lack of cohesiveness B. Role overload C. Management styles D. All of the choices are correct.
Jepson Corporation's most recent income statement appears below: Sales (all on account)$865,000 Cost of goods sold 358,000 Gross margin 507,000 Selling and administrative expense 213,000 Net operating income 294,000 Interest expense 48,000 Net income before taxes 246,000 Income taxes 70,000 Net income$ 176,000 Required:Compute the gross margin percentage.
What will be an ideal response?