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Question 16 (2 points) Smith, Inc. entered into a 5 year loan for the purchase of...
Question 16 (2 points) Smith, Inc. entered into a 5 year loan for the purchase of equipment on July 1, 2020. The loan is for $500,000 and requires annual payments of $100,000. The first payment is due June 1, 2021. What amount of the loan (if any) should be classified as current as of December 31, 2020? (do not use dollar signs, commas, or decimals) A/
Answers
At December 31, 2020 Annual payment of $100,000 is due on June 1, 2021. Therefore, amount of loan that should be classified as current liabilies on December 31, 2020 will be $100,000 as annual payment of $100,000 (due on June 1, 2021) is due to be settled within one year from the year end. Current Liabilities Non-current Liabilities Loan Payable $100,000 $400,000
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