Hoover Company signs a four month promissory note for $ 270,000on January? 31, 2016....

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Accounting

Hoover Company signs a four month promissory note for $ 270,000on January? 31, 2016. The company is required to pay $ 67, 500 onthe note each month. The first payment is on February? 1, 2016, andthe final payment is on May? 1, 2016. How will this note bereported on the balance sheet at January? 31, 2016?

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We should know that Current Liabilities are those liabilities that are required to be paid in near future within a year Current Liabilities are shown under Liabilities See Answer

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In: AccountingHoover Company signs a four month promissory note for $ 270,000on January? 31, 2016. The...Hoover Company signs a four month promissory note for $ 270,000on January? 31, 2016. The company is required to pay $ 67, 500 onthe note each month. The first payment is on February? 1, 2016, andthe final payment is on May? 1, 2016. How will this note bereported on the balance sheet at January? 31, 2016?