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62. A hospitality company is the maker of an $18,000 note to be paid in quarterly installments of $3,000 each. The first payment is to be made on June 30. How will the note be represented on the balance sheet for May 31? A. $18,000 long-term liability B. $3,000 expense, $15,000 long-term liability C. $3,000 expense, $9,000 current liability, $6,000 long-term liability D. $12,000 current liability, $6,000 long-term liability

62. A hospitality company is the maker of an $18,000 note to be paid in quarterly installments of $3,000 each. The first payment is to be made on June 30. How will the note be represented on the balance sheet for May 31? A. $18,000 long-term liability B. $3,000 expense, $15,000 long-term liability C. $3,000 expense, $9,000 current liability, $6,000 long-term liability D. $12,000 current liability, $6,000 long-term liability

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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62. A hospitality company is the maker of an $18,000 note to be paid in quarterly
installments of $3,000 each. The first payment is to be made on June 30. How will
the note be represented on the balance sheet for May 31?
A. $18,000 long-term liability
B. $3,000 expense, $15,000 long-term liability
C. $3,000 expense, $9,000 current liability, $6,000 long-term liability
D. $12,000 current liability, $6,000 long-term liability

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