Liabilities space classified top top the balance paper as existing ora. Deferred.b. Unearned.c. Long-term.d. Accrued.

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Most providers pay current liabilitiesa. The end of current assets.b. By issuing interest-bearing notes payable.c. By issuing stock.d. By producing long-term liabilities.
A existing liability is a blame that can reasonably be supposed to it is in paida. In ~ one year, or the operating cycle, whichever is longer.b. Between 6 months and also 18 months.c. The end of currently recognized revenues.d. Out of cash currently on hand.
Which of the adhering to most likely would it is in classified together a current liability?a. Dividend payable.b. Binding payable in 5 years.c. Three-year notes payable.d. Mortgage payable together a single payment in 10 years.
Failure to document a liability will certainly probablya. An outcome in one overstated network income.b. Result in overstated total liabilities and also owner"s equity.c. Have no impact on net income.d. An outcome in understated full assets.
Very often, fail to record a liability method failure to record a(n)a. Revenue.b. Heritage conversion.c. Footnote.d. Expense.
Current liabilities space duea. However not receivable for more than one year.b. But not payable for much more than one year.c. And also receivable in ~ one year.d. And also payable within one year.
Liabilities room classified as current or long-term based on theira. Description.b. Payment terms.c. Due date.d. Amount.

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Which the the complying with is no a current liability top top December 31, 2012?a. A keep in mind Payable early December 31, 2013.b. An account Payable early out January 31, 2013.c. A lawsuit referee to be made decision on January 10, 2013.d. Accrued wages payable from 2012.
Moss County financial institution agrees to loan the Sadowski Brick company $400,000 on January 1. Sadowski Brick company signs a $400,000, 6%, 9-month note. The entry do by Sadowski Brick company on January 1 to document the proceeds and issuance of the note isa. Interest price 18,000 Cash. 382,000 note Payable 400,000b. Cash 400,000 notes Payable 400,000c. Cash 400,000 Interest expense 18,000 notes Payable 418,000d. Cash 400,000 Interest cost 18,000 notes Payable 400,000 attention Payable 18,000
Moss County financial institution agrees to loan the Sadowski Brick company $400,000 top top January 1. Sadowski Brick firm signs a $400,000, 6%, 9-month note. What is the adjusting entry required if Sadowski Brick company prepares jae won statements ~ above June 30?a. Interest expense 12,000 interest Payable 12,000b. Interest price 12,000 Cash 12,000c. Interest Payable 12,000 Cash 12,000d. Interest Payable 12,000 Interest cost 12,000
Moss County financial institution agrees to lend the Sadowski Brick company $400,000 ~ above January 1. Sadowski Brick agency signs a $400,000, 6%, 9-month note. What entry will Sadowski Brick firm make come pay off the note and also interest at maturity assuming that interest has actually been accrued to September 30?a. Notes Payable 418,000 Cash 418,000b. Note Payable 400,000 interest Payable 18,000 Cash 418,000c. Interest price 18,000 note Payable 400,000 Cash 418,000d. Interest Payable 12,000 notes Payable 400,000 Interest cost 6,000 Cash 418,000
West County bank agrees to lend Drake Builders company $100,000 ~ above January 1. Drake Builders agency signs a $100,000, 6%, 6-month note. The entry do by Drake Builders company on January 1 to record the proceeds and also issuance that the note isa. Interest expense 3,000 Cash. 97,000 note Payable 100,000b. Cash 100,000 notes Payable 100,000c. Cash 100,000 Interest price 3,000 notes Payable 103,000d. Cash 100,000 Interest price 3,000 notes Payable 100,000 attention Payable 3,000
West County financial institution agrees to lend Drake Builders firm $100,000 top top January 1. Drake Builders agency signs a $100,000, 6%, 6-month note. What is the adjusting entry compelled if Drake Builders company prepares financial statements on march 30?a. Interest expense 3,000 interest Payable 3,000b. Interest expense 3,000 Cash 3,000c. Interest price 1,500 interest Payable 1,500d. Interest Payable 1,500 Interest cost 1,500
West County bank agrees to loan Drake Builders agency $100,000 on January 1. Drake Builders company signs a $100,000, 6%, 6-month note. What entry will Drake Builders agency make come pay turn off the note and also interest at maturity assuming that interest has been accrued come June 30?a. Notes Payable 103,000 Cash 103,000b. Note Payable 100,000 interest Payable 3,000 Cash 103,000c. Interest expense 3,000 note Payable 100,000 Cash 103,000d. Interest Payable 1,500 notes Payable 100,000 Interest cost 1,500 Cash 103,000
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