On January 1, 2014, Howard Company, a Calendar-Year Company, Issued

question 68

Multiple Choice

On January 1, 2014, Howard Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper statement of financial position presentation on December 31, 2014, is

• A) Current Liabilities, $1,000,000.
• B) Non-current Liabilities $1,000,000.
• C) Current Liabilities, $500,000; Non-current Liabilities, $500,000.
• D) Current Liabilities, $250,000; Non-current Liabilities, $750,000.