On January 1, 20X3, Osler Limited, a Calendar-Year Company, Issued

question 67

Multiple Choice

On January 1, 20X3, Osler Limited, a calendar-year company, issued $160,000 of notes payable, of which $40,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 20X3, is

• A) Current Liabilities, $160,000.
• B) Long-term Debt, $160,000.
• C) Current Liabilities, $40,000; Long-term Debt, $120,000.
• D) Current Liabilities, $120,000; Long-term Debt, $40,000.

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Definitions:

Random Sample

A subset of individuals chosen from a statistical population in such a way that each individual has an equal chance of being selected.

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Margin of Error

An expression of the amount of random sampling error in a survey's results, often used to create confidence intervals around a sample statistic.

Binomial Proportion

A statistical measure that represents the proportion of successes in a series of independent trials in a binomial distribution.