On January 1, 2020, Carla Vista Co., a calendar-year company, issued $1,800,000 of notes payable, of which $450,000 is due on January 1 for each of the next four years.

The proper balance sheet presentation on December 31, 2020, is:

a) Current liabilities, $1,800,000.

b) Long-term debt, $1,800,000.

c) Current liabilities, $450,000; Long-term Debt, $1,350,000.

d) Current liabilities, $450,000; Long-term Debt, $900,000.

c) Current liabilities, $450,000; Long-term Debt, $1,350,000.

Explanation:

The presentation of the long term liabilities of the balance sheet is presented below:

Liabilities section

Current liabilities

Note payable $450,000

Long term liabilities

Remaining balance $1,350,000

Total liabilities $1,800,000

Since the note payable is due for four years for $450,000 each so it shows the current liabilities and the remaining balance is transferred to the long term liabilities

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o