notes payable

  

Definition

Written promises to pay stated sums of money at future dates, classified as current (if due within 12 months) or non-current (if due after 12 months) of the balance sheet date.

Use notes payable in a sentence

  • The notes payable were useful in presenting our current fiscal situation to the new contractors who were analyzing our situation.

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  • Knowing what your notes payable are will tell you how much money your business owes to other people or companies.

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  • The company requested that the notes payable that they had previously agreed on be amended due to changes in circumstances.

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