Multiple Choice
On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is
A) Current liabilities, $1,000,000.
B) Long-term debt , $1,000,000.
C) Current liabilities, $500,000; Long-term Debt, $500,000.
D) Current liabilities, $250,000; Long-term Debt, $750,000.
Correct Answer:
Verified
Correct Answer:
Verified
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