Reference no: EM132473651

Question 1: A hospitality company is the maker of a $20,000 note to be paid in monthly payments of $1000 each. The first payment is made on October 1. How will the note be represented on the balance sheet for December 31?.

Option A) $3000 expense, $12000 current liability, $17,000 long -term liability

Option B) $12,000 current liability, $8,000 long-term liability

Option C) $12,000 current liability, $5,000 long-liability

Option D) $3,000 expenses, $17,000 long-term liability