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bravata bravata
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4 years ago
Tazo Inc. signed a $30,000 10% 15-year installment note on December 1, 2014. The note requires quarterly payments of $500 plus interest on March 1, June 1, September 1, and December 1 of each year. How will Budget Auto classify this loan on its December 31, 2014 Balance Sheet?
A) Current Portion of Long-term debt, $1,000; Long-term debt, $29,000
B) Current Portion of Long-term debt, $2,000; Long-term debt, $28,000
C) Current Portion of Long-term debt, $500; Long-term debt, $29,500
D) Current Portion of Long-term debt, $1,500; Long-term debt, $28,500
Textbook 

Financial Accounting


Edition: 3rd
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largerthanlifelargerthanlife
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4 years ago
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