Question
Marks brothers owes National Bank $12,000 payable over one year, Shoe Shine Heaven owes seacoast National $25,000 payable over 5 years, and Patts Bistro owes
Marks brothers owes National Bank $12,000 payable over one year, Shoe Shine Heaven owes seacoast National $25,000 payable over 5 years, and Patts Bistro owes $100,000 to the saving and loan payable over 30 years. The loans to Shoe Shine and Patts do not require any payments until the second year. Which of the following companies should record their loans as a current liability? Select the single best answer: A. only Marks Brothers, B. only Patts Bistro, C. only Shoe Shine Heaven, D. both Marks Brothers and Shoe Shine Heaven, E. All three companies should record current liabilities
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