Among the Short-Term Obligations of Lance Company as of December

Multiple Choice

Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank.These are 90-day notes, renewable for another 90-day period.These notes should be classified on the balance sheet of Lance Company as

A) current liabilities.
B) deferred charges.
C) long-term liabilities.
D) intermediate debt.