On January 2, 2014, Lionel Company issued $40,000 of notes payable, of which $10,000 is due on
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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.
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Related Book For 
Financial Markets And Institutions
ISBN: 978-0132136839
7th Edition
Authors: Frederic S. Mishkin, Stanley G. Eakins
Posted Date:
