On March 1,2015,Vantage Services issued a 5% long-term notes payable for $15,000.It is payable over a 3-year term in $5,000 annual principal payments on March 1 of each year plus interest,beginning March 1,2016
-How will this information be shown on the balance sheet dated December 31,2015?
A) $15,000 shown as current liability only
B) $5,000 shown as current liability and $15,000 shown as long-term liability
C) $5,000 shown as current liability and $10,000 shown as long-term liability
D) the entire $15,000 shown as long-term liability
Correct Answer:
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