Layton Inc

question 138

Multiple Choice

Layton Inc. had an operating line of credit of $100,000 and overdrew its bank balance to result in a negative cash balance of $15,000 at year-end. This would be reported in the statement of financial position as

• A)a current liability of $15,000.
• B)a non-current liability of $85,000.
• C)a current asset of $85,000.
• D)a current asset of $(15,000).

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