On Its Most Recent Balance Sheet Date, Lancer Corp

question 88

Multiple Choice

On its most recent balance sheet date, Lancer Corp.has notes payable totalling $250,000 with the United Bank.These are 90-day notes, renewable for another 90-day period.These notes should be classified on the balance sheet of Lancer Corp.as:

• A)current liabilities.
• B)deferred charges.
• C)long-term liabilities.
• D)shareholders' equity.

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