A discount on a noninterest-bearing note payable is classified in the balance sheet as:
A. An asset.
B. A component of shareholders' equity.
C. A contingent liability.
D. A contra liability.
Answer: D
A discount on a noninterest-bearing note payable is classified in the balance sheet as:
A. An asset.
B. A component of shareholders' equity.
C. A contingent liability.
D. A contra liability.
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