Liabilities - 2-13-17.xlsx - Quiz#2 Tomorrow CURRENT LIABILITIES 1 What is\"CURRENT One year or normal operating cycle whichever is LONGER(so can't be

Liabilities - 2-13-17.xlsx - Quiz#2 Tomorrow CURRENT...

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February 13, 2017 Quiz #2 Tomorrow CURRENT LIABILITIES 1. What is "CURRENT?" One year - or normal operating cycle - whichever is LONGER (so can't be less th 2. Common current liabilities? 3. Basic interest Note: A lot of the next quiz will be on bonds - Ch 9 Normal bond accounting is a little bit different because of premiums and discou Remember that interest rates are ANNUAL interest rates Company borrows $8,000,000 on July 1, 2014 Interest rate is 10% Interest is payable every six months starting on January 1, 2015 Record the journal entries on July 1, Dec 31, and Jan 1 4. Reminder: difference between accounts payable and accrued liabilities 5. WarrantiesScenario: Tesla sells a car for $80,000 on December 31Car comes with a 3-year, 50,000 mile warranty
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