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Discuss short-term debt in the form of notes payable due

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On December 31, 2017, Skysong company had $1,232,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 25,500 shares of its common stock for $48 per share, receiving $ 1,224,000 proceeds after brokerage fees and other costs of issurance. On february 2, 2018 the proceeds from the stock sale. supplemented by an additional $8,000 cash, are used to liquidate the $ 1,232,000 debt. The December 31, 2017, balance sheet is issued on February 23, 2018.

Reference no: EM131788987

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