At December 31, 2015, Garland Avenue Company had $1,000,000 of short-term debt i

Q: At December 31, 2015, Garland Avenue Company had $1,000,000 of short-term debt i

C $100000 Note;- current liability is paid back within one year, and if it is not paid back within one year ,then it is considered as Long term liability On 31st December Current liability short term Notes payable $100000 Long term liability notes payable $900000

ID: 2497221 • Letter: A

Question

At December 31, 2015, Garland Avenue Company had $1,000,000 of short-term debt in the form of notes payable due February 1, 2016. On January 28. 2016. the company issued 30.000 shares of its common stock for $30/share receiving $900,000 in proceeds. On February 1, 2016. the proceeds from the stock sale, supplemented by an additional $100,000 in cash, are used to liquidate the $1,000,000 debt. The December 31, 2015, Balance Sheet is issued on February 27, 2016. At what amount will Garland reflect Short-Term Notes Payable on its December 31, 2015, Balance Sheet?

Explanation / Answer

C $100000

Note;- current liability is paid back within one year, and if it is not paid back within one year ,then it is considered as Long term liability

On 31st December

Current liability

short term Notes payable $100000

Long term liability

notes payable $900000

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At December 31, 2015, Garland Avenue Company had $1,000,000 of short-term debt i

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