Among the short-term obligations of Larsen Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Dennison National Bank. These are 90-day notes, renewable for another 90-day period. These notes should be classified on the balance sheet of Larsen Company as:.
a. current liabilities.
b. deferred charges.
c. long-term liabilities.
d. intermediate debt.

These notes should be classified on the balance sheet of Larsen Company as current liabilities.

Explanation:

Current liabilities are representative of funds that are used up within a year, utilizing existing assets.

Present bank accounts, short-term loans, dividends and notes due, as well as payroll taxes due, are two sources of liabilities.

Current property includes cash or mortgage accounts, that is, funds for transactions owed by consumers. When assessing the continuing capacity of a corporation to pay its obligations as due, it is an essential measure between existing assets to current liabilities.

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