Define Short-Term Notes Payable.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 15Q: What business circumstance could produce a short-term notes payable created from a loan?
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Define Short-Term Notes Payable.
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Step 1
Definition:
Liabilities: The claims creditors have over assets or resources of a company are referred to as liabilities. These are the debt obligations owed by company to creditors. Liabilities are classified on the balance sheet as current liabilities and long-term liabilities.
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