Question 1: Long-term debt should be included in the current section of the statement of financial
position if
a) it is to be converted into common stock before maturity.
b) it matures within the year and will be retired through the use of current assets.
management plans to refinance it within the year.
a bond retirement fund has been set up for use in its scheduled retirement during the next year.
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Answer:
(B) It matures within the year and will be retired through the use of current assets.
Explanation:
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