b. A company may exclude a short-term obligation from current liabilities if the firm can demonstrate an ability to consummate a refinancing.
c. A company may exclude a short-term obligation from current liabilities if it is paid off after the balance sheet date and subsequently replaced by long-term debt before the balance sheet is issued.
d. None of these.
45. The ability to consummate the refinancing of a shortterm obligation may be demon- strated by
a. actually refinancing the obligation by issuing a long-term obligation after the date of the balance sheet but before it is issued.