Multiple Choice
Lionworks Inc. signed a $57,000 8% 30-year installment note on November 1, 2016. The note requires semiannual payments of $950 plus interest on May 1 and November 1 of each year. How will Lionworks classify this loan on its December 31, 2016 Balance Sheet?
A) Current Portion of Long-term debt, $0; Long-term debt, $57,000
B) Current Portion of Long-term debt, $57,000; Long-term debt, $0
C) Current Portion of Long-term debt, $950; Long-term debt, $56,050
D) Current Portion of Long-term debt, $1,900; Long-term debt, $55,100
Correct Answer:
Verified
Correct Answer:
Verified
Q114: Contingent liabilities represent actual-NOT potential-obligations.
Q115: S&C Roofing had sales on account of
Q116: Under a capital lease, the title of
Q117: A $260,000 issue of bonds that sold
Q118: Southeast Plumbing had cash sales for the
Q120: The disclosure of a contingent liability only
Q121: Livingston Organization had total assets of $635,000;
Q122: Bonds that can be exchanged for stock
Q123: Capital leases are most similar to:<br>A)Accounts Payable.<br>B)unearned
Q124: Warranty expense is always recorded in the