Hussein Hage has just approached a venture capitalist for financing for his new restaurant, Bistro...
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Hussein Hage has just approached a venture capitalist for financing for his new restaurant, Bistro Sally. The lender is willing to loan Bistro Sally Inc. $96,000 at a high-risk interest rate of 9%. The loan is payable over three years in fixed principal payments each quarter of $8,000, plus interest. Hussein signed a note payable and received the loan on April 30, 2018. He made the first payment on July 31. The companys year end is October 31.
a) Show the statement of financial position presentation of the note payable at October 31, 2018
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