Branch company, a building materials supplier, has $17,800,000 of notes payable due april 12, 2014. at december 31, 2013, branch signed an agreement with first bank to borrow up to $17,800,000 to refinance the notes on a long-term basis. the agreement specified that borrowings would not exceed 85% of the value of the collateral that branch provided. at the date of issue of the december 31, 2013, financial statements, the value of branch's collateral was $19,400,000. on its december 31, 2013, balance sheet, branch should classify the notes as follows: a. $2,670,000 short-term and $15,130,000 current liabilities. b. $17,800,000 of long-term liabilities. c. $16,490,000 long-term and $1,310,000 current liabilities. d. $17,800,000 of current liabilities.
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Branch company, a building materials supplier, has $17,800,000 of notes payable due april 12, 2014....
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