On January 5, Daisy Co., which follows a calendar year accounting, issued $1,000,000 ofnotes payable of which $250,000 is due on January 1 each of the next four years. Whatwould be the proper balance sheet presentation on December 31? Show the currentliabilities and long-term liabilities.a. Current Liabilities;b. Long-Term Debt:

Long term debt = Total notes payable - current portion = $1000000 - 250000 = $750,000

Answered: On January 5, Daisy Co., which follows…

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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