On January 1, 2020, Elmer Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is Group of answer choices Current liabilities $2,000,000 Long-term debt $2,000,000 Current liabilities $500,000 and Long-term debt $1,000,000 Current liabilities $500,000 and Long-term debt $1,500,000
On January 1, 2020, Elmer Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is Group of answer choices Current liabilities $2,000,000 Long-term debt $2,000,000 Current liabilities $500,000 and Long-term debt $1,000,000 Current liabilities $500,000 and Long-term debt $1,500,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 6E: Short-Term Debt Expected to Be Refinanced On December 31, 2019, Excello Electric Company had 1...
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On January 1, 2020, Elmer Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is
Group of answer choices
Current liabilities $2,000,000
Long-term debt $2,000,000
Current liabilities $500,000 and Long-term debt $1,000,000
Current liabilities $500,000 and Long-term debt $1,500,000
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