Answer: d. Current Liabilities, $400,000; Long-term Debt, $1,200,000.
On January 1, 2020, Mazzeo Company, a calendar-year company, issued $1,600,000 of notes payable, of which $400,000 is due on January 1 for each of the next four years. Ignoring interest, the proper balance sheet presentation on December 31, 2020, is
a. Current Liabilities, $1,600,000.
b. Long-term Debt, $1,600,000.
c. Current Liabilities, $800,000; Long-term Debt, $800,000.
d. Current Liabilities, $400,000; Long-term Debt, $1,200,000.
Business
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