Reference no: EM132829419
Problem 1: On January 1, 2011, Hoffman Company, a calendar year company, issued $75,000 of notes payable of which $15,000 is due on January 1 for each of the next 5 years. The proper Balance Sheet presentation on December 31, 2011, is
Option 1: Long term Liabilities $75,000
Option 2: Current Liabilities $60,000 Long-Term Liabilities $15,000
Option 3: Current Liabilities $15,000 Long-Term Liabilities $60,000
Option 4: None of the above
Option 5: Current Liabilities $75,000
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