On January 1, 2012, Ganson Limited, a Calendar-Year Company, Issued

question 147

Multiple Choice

On January 1, 2012, Ganson Limited, a calendar-year company, issued $160,000 of notes payable, of which $40,000 is due on January 1 for each of the next four years. The proper statement of financial position presentation on December 31, 2012, is

• A)Current Liabilities, $160,000.
• B)Non-current Liabilities, $160,000.
• C)Current Liabilities, $40,000; Non-current Liabilities, $120,000.
• D)Current Liabilities, $120,000; Non-current Liabilities, $40,000.

---

Definitions:

Wealthy Households

Families or domestic groups with a high net worth, possessing substantial financial resources and assets.

Generational Cohorts

Groups of people born in the same time period who share similar cultural experiences, attitudes, and values.

Demographics

Statistical data relating to the population and particular groups within it, used for identifying consumer markets.

Running Shoes

Footwear designed specifically for running, providing support, cushioning, and traction to enhance performance and reduce the risk of injury.