On January 1, 2014, Keisler Company, a Calendar-Year Company, Issued

question 55

Multiple Choice

On January 1, 2014, Keisler Company, a calendar-year company, issued $700,000 of notes payable, of which $175,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is

• A) Current liabilities, $700,000.
• B) Long-term debt, $700,000.
• C) Current liabilities, $175,000; Long-term Debt, $525,000.
• D) Current liabilities, $525,000; Long-term Debt, $175,000.

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