On November 1, 2021, SSNL Company borrows $120,000 cash from the bank and issues a...
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Accounting
On November 1, 2021, SSNL Company borrows $120,000 cash from the bank and issues a two-year, 4% note payable. SSNL must make payments of $5,000 plus interest at the end of each month. On December 31, 2021, what amount will be included in current and in non-current liabilities on the balance sheet?
Current Liabilities Non-current Liabilities
a. $60,000 $ 50,000
b. $60,000 $ 60,000
c. $10,000 $100,000
d. $50,000 $ 70,000
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