Answered Essay: On March 1, 2016, Baker Service issued a 4% long-term notes payable for $24,000. It is payable over a 6-year term in a $6,000 ann

カsheet dated Doc enter 3, 2016? OA. S6 000 shown as current babaey ●nd$18, shown as long-term abmy oc· $24,000 shown as current atany O D. $6,000 shown as current lblity and $24,000 shown as long-tem lability

On March 1, 2016, Baker Service issued a 4% long-term notes payable for $24,000. It is payable over a 6-year term in a $6,000 annual principal payments on March 1 of each year plan interest, beginning March 1, 2017. How will the notes payable be shown on the balance sheet dated December 31, 2016? A. $6,000 shown as current liability and $18,000 shown as long-term liability B. the entire $24,000 shown as long-term liability C. $24,000 shown as current liability only D. $6,000 shown as current liability and $24,000 shown as long-tem liability

Expert Answer


$6000 to be shown as current liability and $18000 to be shown as long-term liability.
Option A is correct
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