On January 5, Thomas Company, Which Follows a Calendar Year

question 104

Multiple Choice

On January 5, Thomas Company, which follows a calendar year, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 each of the next four years. The proper balance sheet presentation on December 31 is

• A) Current liabilities, $1,000,000
• B) Current liabilities, $250,000; Long-term debt, $750,000
• C) Long-term debt, $1,000,000
• D) Current liabilities, $750,000; Long-term debt, $250,000

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