If a firm has a notes payable balance of $42,400 at the end of 2014, and...

If a firm has a notes payable balance of $42,400 at the end of 2014, and $30,100 at the end of 2015, which of the following statements about accounts payable is correct?

A. Notes payable decreased by $12,300 and represented a use of cash.
B. Notes payable increased by $12,300 and represented a source of cash. C. Notes payable decreased by $12,300 and represented a source of cash. D. Notes payable increased by $12,300 and represented a use of cash.

Expert Solution

jeff jeffy answered 2 years ago

Where is the current portion of notes payable reported on the balance sheet?

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