Question : 71. A current liability a debt that can reasonably be expected : 1233982

 

71. A current liability is a debt that can reasonably be expected to be paid 
A. between 6 months and 18 months.
B. out of currently recognized revenues.
C. within one year.
D. out of cash currently on hand.

72. Current liabilities are due 
A. and receivable within one year.
B. but not receivable for more than one year.
C. but not payable for more than one year.
D. and payable within one year.

73. Gray County Bank agrees to lend the Starkwood Building Company $100,000 on January 1. Starkwood Building Company signs a $100,000, 9%, 9-month note. The entry made by Starkwood Building Company on January 1 to record the proceeds and issuance of the note is 
A. Interest Expense                                   9,000
Cash                                                  91,000
                        Notes Payable                             100,000
B. Cash                                                 100,000
                        Notes Payable                             100,000
C. Cash                                                100,000
      Interest Expense                                  9,000
            Notes Payable                                         109,000
D. Cash                                                100,000
      Interest Expense                                  9,000
           Notes Payable                                           109,000
           Interest Payable                                           4,500

74. Gray County Bank agrees to lend the Starkwood Building Company $100,000 on January 1. Starkwood Building Company signs a $100,000, 9%, 9-month note. What is the adjusting entry required if Starkwood Building Company prepares financial statements on June 30? 
A. Interest Expense                                   9,000
            Interest Payable                                                  9,000
B. Interest Expense                                   4,500
                  Interest Payable                                                  4,500
C. Interest Expense                                   6,750
            Interest Payable                                                  6,750
D. Interest Payable                                    4,500
            Interest Expense                                                  4,500

75. Gray County Bank agrees to lend the Starkwood Building Company $100,000 on January 1. Starkwood Building Company signs a $100,000, 9%, 9-month note. What entry will Starkwood Building Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? 
A. Notes Payable                                    106,750
                    Cash                                                                     106,750
B. Notes Payable                                    100,000
Interest Payable                                     6,750
                               Cash                                                          106,750
C. Interest Expense                                    6,750
Notes Payable                                    100,000
                    Cash                                                           106,750
D. Interest Payable                                     9,000
Notes Payable                                    100,000
                               Cash                                                            109,000

76. As interest is recorded on an interest-bearing note, the Interest Expense account is 
A. decreased; the Interest Payable account is increased.
B. increased; the Interest Payable account is increased.
C. increased; the Notes Payable account is decreased.
D. increased; the Notes Payable account is increased.

77. The journal entry to record the conversion of an $250 accounts payable to a notes payable would be: 
A. Jan 31   Cash                                      250
                     Notes Payable                                  250
B. Jan 31   Notes Receivable                   250
                     Notes Payable                                  250
C. Jan 31   Notes Payable                        250
                     Cash                                                250
D. Jan 31   Accounts Payable                   250
                     Notes Payable                                 250

78. On October 30, Santos Salon, Inc. issued a 90-day note with a face amount of $60,000 to Charah Hair Products, Inc for merchandise inventory. Determine the adjusting entry for Santos on December 31 assuming the note carries an interest rate of 8%. 
A. Interest Expense                                        1,200
                 Interest Payable                                             1,200
B. Interest Expense                                           800
                 Interest Payable                                                800
C. Interest Receivable                                   1,200
                 Interest Revenue                                            1,200
D. Interest Receivable                                      800
                 Interest Revenue                                               800

79. Current liabilities are: 
A. due and receivable within one year.
B. due and to be paid out of current assets within one year.
C. due, but not payable for more than one year.
D. payable if a possible subsequent event occurs.

80. Which of the following would most likely be classified as a current liability? 
A. Two-year notes payable.
B. Bonds Payable.
C. Mortgage payable.
D. Unearned Rent.

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more