United supply has a $25 million liability at december 31, 2018, of which $5 million is payable in each of the next five years. united supply reports the liability on the balance sheet as:

a $5 million current liability and a $20 million long-term liability.
a $20 million current liability and a $5 million long-term liability.
a $25 million long-term liability.
a $25 million current liability.

If you offer up your car as a demonstration that you will pay off your loan to a bank or another financial lending institution, you are using your car as collateral. true false

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Comprehensive illustrative problem: mira's store on february 1 20a4 mica delaman opened astore that sells school supplies her main customer are the students and teachers of happy students school that is situated in front of her store. mira wanted to know the financial position of mira's store. mira knew you were studying accounting. so she asked for . 1. to start her business mira's opened a checking account in the name of mira's store . the statement of account from the bank shows that the checking account has a balance of 31,535 of december 31,20a4