The proper balance sheet presentation on December 31, 2022, is: Current liabilities, $200,000; Long-term Debt, $600,000.
Based on the information the proper balance sheet presentation on December 31, 2022, will be current liabilities of the amount of $200,000 which is the amount due on January 1 .
While the Long-term Debt will be$600,000 calculated as:
Long-term Debt=Notes payable- Due amount
Long-term Debt=$800,000-$200,000
Long-term Debt=$600,000
Inconclusion the proper balance sheet presentation on December 31, 2022, is: Current liabilities, $200,000; Long-term Debt, $600,000.
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