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On January 1, 2022, Paulding Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2022, is Current liabilities, $1,000,000. Long-term debt, $1,000,000. Current liabilities, $250,000; Long-term Debt, $750,000. Current liabilities, $750,000; Long-term Debt, $250,000.

On January 1, 2022, Paulding Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2022, is Current liabilities, $1,000,000. Long-term debt, $1,000,000. Current liabilities, $250,000; Long-term Debt, $750,000. Current liabilities, $750,000; Long-term Debt, $250,000.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 11GI
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On January 1, 2022, Paulding Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2022, is Current liabilities, $1,000,000. Long-term debt, $1,000,000. Current liabilities, $250,000; Long-term Debt, $750,000. Current liabilities, $750,000; Long-term Debt, $250,000.
Transcribed Image Text:On January 1, 2022, Paulding Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2022, is Current liabilities, $1,000,000. Long-term debt, $1,000,000. Current liabilities, $250,000; Long-term Debt, $750,000. Current liabilities, $750,000; Long-term Debt, $250,000.
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