On January 2, 2014, Lionel Company issued $40,000 of notes payable, of which $10,000 is due on January 2 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is
A) Current Liabilities, $40,000.
B) Current Liabilities, $10,000; Long-Term Liabilities, $30,000.
C) Long-Term Liabilities, $40,000.
D) Current Liabilities, $30,000; Long-Term Liabilities, $10,000.
B
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What will be an ideal response?
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