Swifty owes $2.2 million that is due on February 28. The company borrows $1670000 on February 25 (5-year note) and uses the proceeds to pay down the $2.2 million note and uses other cash to pay the balance. How much of the $2.2 million note is classified as long-term in the December 31 financial statements?a. $2,000,000.b. $0.c. $1,600,000.d. $400,000.

b. $0

Explanation:

Long-term liabilities are those that the company will owe for more than one trading period of the company which is usually a year. If the debt is going to be repaid within a year, it will be considered short term.

The $2.2 million is payable on February 28 which means that on 31 December, it is less than a year till it is paid. All of it therefore is to be considered short term and no portion considered long.

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.