What is the amount of the short term notes payable


on december 31, 2009 frye co has $2,000,000 of short term notes payable due on feb 14, 2010. On january 10, 2010 frye arranged a line of credit with county bank which allows frye to borrow up to $1500000 at one percent above the prime rate for three years. On feb 2, 20-10, frye borrowed $1200000 from county bank and used $500000 additional cash to liquidate $1700000 of the short term notes payable. what is the amount of the short term notes payable that should be reported as current liabilities on the dec 31, 2009 balance sheet which is issued on march 5, 2010 ?

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Accounting Basics: What is the amount of the short term notes payable
Reference No:- TGS098832

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