On December 31,2014,a Note Payable of $200,000 Has Installments of $50,000

question 145

Multiple Choice

On December 31,2014,a note payable of $200,000 has installments of $50,000 due yearly,beginning on December 31,2015.On December 31,2014,how will the note payable be reported on the balance sheet?

• A)$50,000 current liability and $100,000 long-term liability
• B)$200,000 long-term liability
• C)$200,000 current liability
• D)$50,000 current liability and $150,000 long-term liability

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Definitions:

Accessory Glands

Glands that support the functioning of primary organs, especially in the reproductive system, such as seminal vesicles and prostate gland in males, and Bartholin's glands in females.

Erectile Tissue

Spongy tissue that can fill with blood to make an organ stiff and erect, found in parts of the body such as the penis and clitoris.

Prepuce

In males, the free fold of skin that more or less completely covers the glans penis; the foreskin. In females, the external fold of the labia minora that covers the clitoris.

Glans Penis

Conical expansion of the corpus spongiosum that forms the head of the penis.