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Cooper's inventory has been financed 100% with a long-term note. The note is coming due in 2011. Cooper has received a commitment from a new lender that permits five-year refinancing of debt up to an amount equal to 50% of inventory, which is expected to range between $9,000 and $15,000 in 2011. At December 31, 2010, how much of the company's currently maturing note payable can be classified as long-term debt?

a. $4,500

b. $7,500

c. $6,000

d. $9,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946852

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