Multiple Choice
On January 2, 2010 , Lester Company, a calendar-year company, issued $40,000 of notes payable, of which $10,000 is due on January 2 for each of the next four years. The proper balance sheet presentation on December 31, 2010 7, is
A) Current Liabilities, $40,000.
B) Current Liabilities, $10,000; Long-Term Liabilities, $30,000.
C) Long-Term Liabilities, $40,000.
D) Current Liabilities, $30,000; Long-Term Liabilities, $10,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q21: Jim Janney is paid $6 per hour,
Q23: A business accepts a 12 percent, $47,000
Q27: Seacrest Company purchased a machine on January
Q37: Sales Tax Payable is an example of
Q41: Lawsuits against a company in connection with
Q86: Gross earnings minus deductions equals take-home pay.
Q86: A contingent liability is best described as
Q118: Usually,failure to record a liability means failure
Q159: Under what circumstances is a contingent liability
Q179: The payables turnover is the number of