Final answer:
Mueller Company should disclose information about the total amount of the long-term notes payable, interest rates, maturity dates, covenants, collateral, and repayment schedule in the notes to the financial statements.
Step-by-step explanation:
When the Mueller Company reports a long-term notes payable on its balance sheet, it must provide certain disclosures in the financial statement notes.
The company should disclose the total amount of notes payable, the interest rate, maturity dates, and the terms of any covenants or restrictions attached to the note.
Additionally, Mueller Company should outline any collateral pledged against the note, the repayment schedule, and if applicable, information about any sinking fund requirements. These disclosures provide stakeholders with a complete understanding of the company's long-term debt obligations and the terms under which they have been issued.
When Mueller Company reports a long-term notes payable on its balance sheet, it should disclose relevant information about the notes payable in its financial statement notes.
This may include details about the terms of the loan, such as interest rate, maturity date, and any collateral pledged. Mueller Company may also provide information about the purpose of the loan and any significant events related to the notes payable.
The disclosure should comply with the relevant accounting standards and regulations.