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MMLU / As of December 1, year 2, a company obtained a …

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

As of December 1, year 2, a company obtained a 1,000,000lineofcreditmaturinginoneyearonwhichithasdrawn1,000,000 line of credit maturing in one year on which it has drawn 250,000, a 750,000securednotedueinfiveannualinstallments,anda750,000 secured note due in five annual installments, and a 300,000 three-year balloon note. The company has no other liabilities. How should the company’s debt be presented in its classified balance sheet on December 31, year 2 if no debt repayments were made in December?
Plain-text mathematical notation (without MathML)
As of December 1, year 2, a company obtained a 1,000,000lineofcreditmaturinginoneyearonwhichithasdrawn250,000, a 750,000securednotedueinfiveannualinstallments,anda300,000 three-year balloon note. The company has no other liabilities. How should the company’s debt be presented in its classified balance sheet on December 31, year 2 if no debt repayments were made in December?
Original LaTeX notation
As of December 1, year 2, a company obtained a $1,000,000 line of credit maturing in one year on which it has drawn $250,000, a $750,000 secured note due in five annual installments, and a $300,000 three-year balloon note. The company has no other liabilities. How should the company’s debt be presented in its classified balance sheet on December 31, year 2 if no debt repayments were made in December?

choices

  1. Current liabilities of $1,000,000; long-term liabilities of $1,050,000
  2. Current liabilities of $500,000; long-term liabilities of $1,550,000
  3. Current liabilities of $400,000; long-term liabilities of $900,000
  4. Current liabilities of $500,000; long-term liabilities of $800,000

subject

professional_accounting

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Source and history

task_id
3e1413fc-4dbb-5762-b29a-bec27503ab7a
task_key
all--test--3e1413fc-4dbb-5762-b29a-bec27503ab7a
task_revision_id
1
config / split
all / test

Official source

initial import