On October 1st, FLY Tech, an Airline maintenance company, borrows $2,500,000 cash from Bank of America to
expand operations. FLY signs a one year, 3% promissory note. FLY's year-end is December 31.
6. How was the loan classified on the company's December 31, year 1 balance sheet?
A. Current liability
B. Long term liability
C. Note disclosure only
D. Stockholders' Equity
7. How was the loan classified on the company's December 31, year 1 statement of cash flow?
A. Operating activity
B. Investing activity
C. Financing activity
D. Not shown on the statement of cash flows
8. $. How much interest should be accrued on December 31 of the first year (assume no previous entry
was recorded for interest on the loan)?
Answers: 1
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On October 1st, FLY Tech, an Airline maintenance company, borrows $2,500,000 cash from Bank of Ameri...
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