On November 1,2012,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.
-On December 31,2013,what will the balance be in the account titled Current portion of long-term notes payable?
A) $400
B) $48,000
C) $43,200
D) $4,800

Question

Quizplus · Accepted Answer

D) Calculations: $48,000 /10 = $4,800

On November 1,2012,EZ Products Borrowed $48,000 on a 5%,10-Year Note