On january 5, thomas company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on january 1 each of the next four years. the proper balance sheet presentation on december 31 is: . current liabilities, $250,000; long-term debt, $750,000b. current liabilities, $750,000; long-term debt, $250,000c. long-term debt, $1,000,000d. current liabilities, $1,000,000

a. Current Liabilities, $250,000; Long-Term Debt, $750,000

Explanation:

If On January 5, Thomas Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 each of the next four years. The proper balance sheet presentation on December 31 is: Current Liabilities, $250,000, Long-Term Debt, $750,000.

The reason for such divide and classification is that: as is the case with all debts, Notes payable are classified in the balance sheet as current liability when they are due for settlement within the next 12 months, and they are classified as long-term liability when they are due later than 12 months.

Furthermore, if a note payable has a portion due in 12 months and a portion due at longer than 12 months, the portion due within 12 months is disclosed separately as current liability and the other portion as long term liability

the answer is d i just took the test (provides the number of allowances an employee has claimed.)

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