Multiple Choice
Layton Inc. had an operating line of credit of $100,000 and overdrew its bank balance to result in a negative cash balance of $15,000 at year-end. This would be reported in the statement of financial position as
A) a current liability of $15,000.
B) a non-current liability of $85,000.
C) a current asset of $85,000.
D) a current asset of $(15,000) .
Correct Answer:
Verified
Correct Answer:
Verified
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