Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the following portion of the comparative balance sheet:
Additional information provided:
Using the above information, please analyze the activity in the long-term notes payable account using the flowing T-account format:
Definitions:
Objective Standards
Criteria or benchmarks that are based on facts and are impartial, allowing for consistent and unbiased assessment or decision-making.
Subjective Impacts
Effects or consequences that are based on or influenced by personal feelings, tastes, or opinions rather than external facts.
Making Ethical Decision
The process of choosing actions that are consistent with one's principles and values, often in a professional context.
Understand
To grasp the meaning, significance, or nature of something.
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