In a process costing system, products flow in a LIFO manner, from department to department

Notes payable:

A. Is a current liability account. B. Usually has a debit balance. C. Is a non-current liability account. D. Cannot determine its classification without additional information.

Pierre Dupuis was the sole shareholder of Sports Trophies Inc and the business borrowed $500,000 from the TD Bank. Pierre personally guaranteed the loan to the business. The business did well and Peter then sold the business to Jim Hall

Sports Trophies several years later ran into financial difficulties and couldn't make the loan payments to the TD bank. The TD now can A) hold Pierre personally liable for the Sports Trophies debt B) hold only Jim personally liable for the debts of Sports Trophies C) hold both Pierre and Jim personally liable for the debts of Sports Trophies D) not require neither Pierre nor Jim to repay Sports Trophies debts E) can only hold Pierre liable for the amount Sports Trophies owed at the time he sold the business