On January 1, 2020, Pharoah Company, a calendar-year company, issued $2160000 of notes payable, of which $540000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is: O Current liabilities, $540000; Long-term Debt, $1080000. O Current liabilities, $2160000. O Current liabilities, $540000; Long-term Debt, $1620000. O Long-term debt, $2160000.

On January 1, 2020, Pharoah Company, a calendar-year company, issued $2160000 of notes payable, of which $540000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is: O Current liabilities, $540000; Long-term Debt, $1080000. O Current liabilities, $2160000. O Current liabilities, $540000; Long-term Debt, $1620000. O Long-term debt, $2160000.

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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