Multiple Choice
On January 1, 2013, Osler Limited, a calendar-year company, issued $160,000 of notes payable, of which $40,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2013, is
A) Current Liabilities, $120,000; Long-term Debt, $40,000.
B) Long-term Debt, $160,000.
C) Current Liabilities, $160,000.
D) Current Liabilities, $40,000; Long-term Debt, $120,000.
Correct Answer:
Verified
Correct Answer:
Verified
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