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:

Personalities

The combination of characteristics or qualities that form an individual's distinctive character, influencing their behavior and interactions.

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates, including natural, social, and cultural factors.

Same Roof

A colloquial term referring to individuals or entities living or existing within the same physical structure or premises.

Molybdenum

A chemical element with symbol Mo and atomic number 42, essential for most organisms as a component of various enzymes.