Multiple Choice
On January 5, 2014, Garrett Company, a calendar-year company, issued $1,000,000 of notes payable, of which $200,000 is due on January 1 for each of the next five years. The proper balance sheet presentation on December 31, 2014, is
A) Current Liabilities, $1,000,000.
B) Current Liabilities, $200,000; Long-term Debt, $800,000.
C) Long-term Debt, $1,000,000
D) Current Liabilities, $800,000; Long-term Debt, $200,000.
Correct Answer:
Verified
Correct Answer:
Verified
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