“Assignment Requirements
You are the assistant accountant for Tyler Corporation. It is mid-January 2014 and you are helping to prepare Tylers balance sheet for December 312013. Tyler will publish this balance sheet on March 1 2014 after the auditors have completed their work. Tyler has a $100000 note payable that was issued in 2009 and that is due March 6 2014. On January 5 2014 Tyler sold 2000 shares of its $10 par common stock for $80000. Its intent is to use these proceeds (plus $20000 cash it already had on hand)to repay the note payable on March 6. The head accountant says Im not sure how to classify the $100000 note payable on the December 31 2013 balance sheet. Check this out for me.
Directions
Research the related generally accepted accounting principles and prepare a short memo to the head accountant that explain how Tyler should report the $100000 note payable on its December 31 2013 balance sheet.
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