On January 5, Thomas Company, a Calendar-Year Company, Issued $1,000,000

Multiple Choice

On January 5, Thomas Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 each of the next four years. The proper balance sheet presentation on December 31 is

A) Current Liabilities, $1,000,000
B) Current Liabilities, $250,000; Long-Term Debt, $750,000
C) Long-Term Debt, $1,000,000
D) Current Liabilities, $750,000; Long-Term Debt, $250,000