Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sunland owes $4.2 million that is due on february

Sunland owes $4.2 million that is due on February 28. The company borrows $3460000 on...

60.1K

Verified Solution

Question

Accounting

Sunland owes $4.2 million that is due on February 28. The company borrows $3460000 on February 25 (5 year note) and uses the proceeds to pay down the $4.2 million note and uses other cash to pay the balance. How much of the $4.2 million note is classified as long term in the December 31 financial statements?

(a) 4200000

(b) 34600000

(c) 0

(d) 740000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

3 roadblocks to communication as Judging, Rejecting, and Blaming, Criticizing. Identify and describe three roadblocks to communication....

Electrical Engineering
1.2K views

(TCO 4) Describe PID control.

Economics
1.2K views

including pictures , defining and explaining the use, extraction methods and the contribution of Aggregate mining...

Biology
1.2K views

How will you get the Themes gallery in MS Wor 2013

Geometry
1.2K views

Find the area of the regular pentagon with apothem a 1 6 in and side...

Basic Math
1.2K views

14 Use the table below to answer the following questions t h t 0 1...

Basic Math
1.2K views

Use the Law of Sines to find the indicated angle 8 Assume c 36 Round...

Statistics
1.2K views

Which of the following statements are TRUE Check all that apply The median is the...

Statistics
1.2K views

For a normal population a sample of n 9 scores has a standard error of...

Algebra
1.2K views

E 2x 3y6 5 3 2 5 4 3 2 1 54 3 C Interim...

Accounting
1.2K views

The direct write-off method of accounting for uncollectible accounts overstates assets on the balance sheet....

Finance
1.2K views

Suppose we have a bond with remaining cash flows of: $3 in exactly 6-months ...