Chastains’ Hair Salons’ balance sheet at December 31, 2012, is as follows:
|
Current Liabilities |
|
|
Portion of long term note payable due within one year |
$ 10,000 |
|
Interest payable ($200,000 * 0.06 * 6/12) |
6,000 |
|
Total current liabilities |
$ 16,000 |
|
Long Term Liabilities |
|
|
Long term note payable |
$190,000 |
|
Total liabilities |
$206,000 |