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Question
hillwood clinic has borrowed $90,000 from the bank with the following terms: $20,000 of the this amount to be paid in year 1, $30,000 to be paid in year 2, and $40,000 to be paid in year 3. time moves on, and hillwood meets the terms of the note in year 1 . therefore at the beginning of year 2 the remaining portion of the loan is now classified as follows:
a. $70,000 long-term note payable
b. $30,000 short-term note payable plus $40,000 long-term note payable
c. $20,000 short-term note payable plus $50,000 long-term note payable
d. none of the above
Answer
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