You are a assistant for tyler corporation. It is mid-January 2011, and you are helping to prepare the Tyler corporation’s balance sheet for December 2010. Tyler will publish his balance sheet on March 2011, after the Auditor have completed thier work. Tyler has a $100000 note payable that was issued in 2009 and that is due March 6,2011. on january 5-2011 Tyler sold 2000 shares of its $10 par common sock for $80000,. Its intent is to use these proceeds (plus $20000 cash it alredy has on hand) to repay the note payable om March 6. The head account says” I’m no sure how to clasify the $100000 note payable on December 31,2010 balance sheet. Check it out for m3′ Research the related generally accepted accounting principle
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