Paper, Order, or Assignment Requirements You are the assistant accountant for Tyler Corporation. It is mid-January 2014 and you are helping to prepare Tyler s balance sheet for December 31,2013. Tyler will publish this balance sheet on March 1, 2014, after the auditors have completed their work. Tyler has a $100,000 note payable that was issued in 2009 and that is due March 6, 2014. On January 5, 2014, Tyler sold 2,000 shares of its $10 par common stock for $80,000. Its intent is to use these proceeds (plus $20,000 cash it already had on hand)to repay the note payable on March 6. The head accountant says I m not sure how to classify the $100,000 note payable on the December 31, 2013, balance sheet. Check this out for me. DirectionsResearch the related generally accepted accounting principles and prepare a short memo to the head accountant that explain how Tyler should report the $100,000 note payable on its December 31, 2013, balance sheet.
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