On November 1,2012,EZ Products Borrowed $48,000 on a 5%,10-Year Note

question 67

Multiple Choice

On November 1,2012,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.
-How will the note be shown on the balance sheet dated December 31,2012?

• A) $48,000 shown as current liability only
• B) $4,800 shown as current liability, $48,000 shown as long-term liability
• C) $4,800 shown as current liability, $43,200 shown as long-term liability
• D) Entire $48,000 shown as long-term liability

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