On November 1, 2013, EZ Products Borrowed $48,000 on a 5

question 80

Essay

On November 1, 2013, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year. On November 1, the principal amount was initially recorded as Long-term notes payable, and then a second entry was made to reclassify the current portion. Please provide the proper reclassification entry.

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Definitions:

World-Oriented

Having an awareness and consideration for global cultures, issues, and interdependencies.

Polycentric Attitudes

A viewpoint that values and considers multiple cultural perspectives and norms.

Managers

Individuals responsible for controlling or administering an organization or group of staff, making decisions, and ensuring goals are achieved.

Low-Context Countries

Countries where communication is explicit, messages are direct, and social structures are less significant in conveying understanding.