2016年美国CPA练习题精选：Financial 20

On December 31, Year 1, Taylor, Inc. signed a binding agreement with a bank for the refinancing of an existing note payable scheduled to mature in February, Year 2. The terms of the refinancing included extending the maturity date of the note by three years. On January 15, Year 2, the note was refinanced. How should Taylor report the note payable in its December 31, Year 1, balance sheet?

a. A long-term note receivable.

b. A current liability.

c. A current note receivable.

d. A long-term liability.

答案：D

Explanation

Choice "d" is correct. A short-term obligation is excluded from current liabilities and included in noncurrent debt if the company intends to refinance it on a long-term basis and the intent is supported by either the existence of a noncancelable financing agreement or an actual refinancing prior to the issuance of the financial statements. As both of these conditions have been met, the note should be reported as a long-term liability on the December 31, Year 1, balance sheet.

Choice "b" is incorrect. This note should be classified as long-term, not current, on the December 31, Year 1, balance sheet because the company signed a binding refinancing agreement with the bank on December 31.

Choices "a" and "c" are incorrect. As Taylor, Inc. has an obligation to repay funds to the bank, the note would not be classified as a receivable.