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A current liability must be paid out of current earnings

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A current liability must be paid out of current earnings.

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Question 2

1 out of 1 points

 

 

 

Most notes are not interest bearing.

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Question 3

1 out of 1 points

 

 

 

Unearned revenues are received before goods are delivered or services are rendered.

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Question 4

1 out of 1 points

 

 

 

The carrying value of bonds is calculated by adding the balance of the Discount on Bonds Payable account to the balance in the Bonds Payable account.

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Question 5

1 out of 1 points

 

 

 

Material gains or losses on bond redemption are reported as an extraordinary item on the income statement.

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Question 6

1 out of 1 points

 

 

 

Liabilities are classified on the balance sheet as current or

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Question 7

1 out of 1 points

 

 

 

With an interest-bearing note, the amount of assets received upon issuance of the note is generally

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Question 8

1 out of 1 points

 

 

 

The interest charged on a $70,000 note payable, at the rate of 6%, on a 90-day note would be

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Question 9

1 out of 1 points

 

 

 

On January 1, 2014, Keisler Company, a calendar-year company, issued $700,000 of notes payable, of which $175,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is

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Question 10

1 out of 1 points

 

 

 

Norlan Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $29,400. If the sales tax rate is 5%, what amount must be remitted to the state for October's sales taxes?

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Question 11

1 out of 1 points

 

 

 

Stockholders of a company may be reluctant to finance expansion through issuing more equity because

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Question 12

1 out of 1 points

 

 

 

Which of the following is not an advantage of issuing bonds instead of common stock?

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Question 13

0 out of 1 points

 

 

 

When authorizing bonds to be issued, the board of directors does not specify the

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Question 14

1 out of 1 points

 

 

 

If the market rate of interest is 10%, a $10,000, 12%, 10-year bond that pays interest annually would sell at an amount

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Question 15

1 out of 1 points

 

 

 

If bonds are issued at a discount, it means that the

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Question 16

1 out of 1 points

 

 

 

In the balance sheet, the account Discount on Bonds Payable is

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Question 17

0 out of 1 points

 

 

 

If bonds have been issued at a discount, then over the life of the bonds the

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Question 18

1 out of 1 points

 

 

 

Ervay Company has $875,000 of bonds outstanding. The unamortized premium is $12,600. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption?

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Question 19

1 out of 1 points

 

 

 

The relationship between current assets and current liabilities is

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Question 20

10 out of 10 points

 

 

 

Match the items below by entering the appropriate code letter in the space provided.

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