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Any current portion of a long-term debt should remain in the long-term liability section of the balance sheet until paid
Any current portion of a long-term debt should remain in the long-term liability section of the balance sheet until paid. O True O False D Question 8 1 pts If the customer fails to pay the credit card agency, the company that sold the merchandise suffers the loss. True 0 False
Expert Solution
The answer of Question 7 is False.
Reason: Any current portion of a long-term debt should be shown as the Current maturities of the long-term debt in the other current liabilities section in the balance sheet and hence should not remain in the long-term liability section of balance sheet until paid and hence the given statement is false.
The answer of Question 8 is False.
Reason: If the customer fails to pay the credit card agency then it would be the bad debt or loss for the credit card agency and not the loss of the company that sold the merchandise because when the customer uses credit card to pay for the merchandise purchased, the credit card agency pays that amount immediately to the company that sold the merchandise and hence it would not be the loss of that company instead it would be the loss of credit card agency. Hence the given statement is false.
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