On 1 March 2017,Vinnie Services Issued a 6% Long-Term Note

question 58

Multiple Choice

On 1 March 2017,Vinnie Services issued a 6% long-term note payable for $20,000.It is payable over a 5-year term in $4000 annual principal payments on 1 March of each year plus interest,beginning 1 March 2018.How will this information be shown on the balance sheet dated 31 December 2017?

• A)$20,000 shown as current liability only
• B)$4000 shown as current liability;$16,000 shown as long-term liability
• C)the entire $20,000 shown as long-term liability
• D)$4000 shown as current liability;$20,000 shown as long-term liability

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Definitions:

Employment Impact

The effect of economic, political, and social changes on the employment landscape, including job creation, job loss, and shifts in demand for certain skills.

Dual Labor Market Theory

A theory that contends that the labor market is divided into two segments—the primary and secondary labor markets.

Pay Discrepancy

The difference in earnings between groups of people, often based on gender, race, or occupation.

Informal Labor Market

Employment that is not regulated by the state, often lacking formal contracts, job security, and legal protections.