On January 1, 2020, Ermler Company, a Calendar-Year Company, Issued

question 103

Multiple Choice

On January 1, 2020, Ermler Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years.The proper balance sheet presentation on December 31, 2020, is

• A)Current liabilities, $2,000,000.
• B)Long-term debt , $2,000,000.
• C)Current liabilities, $500,000; Long-term Debt, $1,000,000.
• D)Current liabilities, $500,000; Long-term Debt, $1,500,000.

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Definitions:

Vestibular Input

Sensory information from the inner ear that helps maintain balance and spatial orientation.

Cerebellum

A region of the brain that plays a significant role in motor control, and it may also be involved in some cognitive functions.

Motor Coordination

The harmonious functioning of muscles or groups of muscles for smooth and efficient movement, often involving the integration of sensory input with motor output.

Point Estimate

A single value (or point) estimate to summarize a likely value for a population parameter based on sample data.