Determine the following as a result of your audit: 1. How much is the correct carrying value of the note payable as of December 31, 2021? 2. How much is the correct interest expense that Latte recognized in the statement of comprehensive income for the period ending December 31, 2021? 3. How much of the note is reported in the current liability section in its December 31, 2021 statement of financial position? 4. How much of the note is reported in the non-current liability section in its December 31, 2021 statement of financial position? 5. What is your proposed adjusting journal entry (PAJE) as a result of your audit as of December 31, 2021?
Determine the following as a result of your audit: 1. How much is the correct carrying value of the note payable as of December 31, 2021? 2. How much is the correct interest expense that Latte recognized in the statement of comprehensive income for the period ending December 31, 2021? 3. How much of the note is reported in the current liability section in its December 31, 2021 statement of financial position? 4. How much of the note is reported in the non-current liability section in its December 31, 2021 statement of financial position? 5. What is your proposed adjusting journal entry (PAJE) as a result of your audit as of December 31, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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