Multiple Choice
In 2007, Alca Co. issued a long-term note payable that would come due on May 15, 2011. On its December 31, 2010 balance sheet, this note should be classified as a(an)
A) long-term liability.
B) short-term liability.
C) intangible asset.
D) long-term investment.
E) expense.
Correct Answer:
Verified
Correct Answer:
Verified
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