Madison Company issued an interest-bearing note payable with a face amount of $24,000 and a stated interest rate of 8% to the Metropolitan Bank on August 1, Year 1. The note carried a one-year term.Based on this information alone, the amount of total liabilities appearing on Madison's Year 1 balance sheet would be:

Question

Quizplus · Accepted Answer

The Answer of Madison Company issued an interest-bearing note payable with a face amount of $24,000 and a stated interest rate of 8% to the Metropolitan Bank on August 1, Year 1. The note carried a one-year term.Based on this information alone, the amount of total liabilities appearing on Madison's Year 1 balance sheet would be:

Madison Company Issued an Interest-Bearing Note Payable with a Face