On January 1, 2015, Donahue Company, a Calendar-Year Company, Issued

question 5

Multiple Choice

On January 1, 2015, Donahue Company, a calendar-year company, issued $600,000 of notes payable, of which $150,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2015, is

• A)Current Liabilities, $600,000.
• B)Long-term Debt , $600,000.
• C)Current Liabilities, $150,000; Long-term Debt, $450,000.
• D)Current Liabilities, $450,000; Long-term Debt, $150,000.

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Definitions:

Incomplete Dominance

A genetic phenomenon in which neither allele is dominant over the other, resulting in a phenotype that is a blend of both alleles.

Recessive Gene

A gene that expresses its traits only when paired with an identical gene, as opposed to a dominant gene's traits which can manifest with only one copy.

Heterozygous Pair

A genetic condition where an individual has two different alleles of a particular gene, one inherited from each parent.

Down Syndrome

A genetic disorder caused by the presence of an extra 21st chromosome, leading to developmental and physical characteristic differences.