chapter11a

chapter11a - Chapter 11 1. The time period for classifying...

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Chapter 11 1. The time period for classifying a liability as current is one year or the operating cycle, whichever is: A. long er. B. short er. C. prob able. D. possi ble. 2. To be classified as a current liability, a debt must be expected to be paid: A. out of exist ing curre nt asset s. B. by creat ing othe r curr ent liabi lities . C. withi n 2 year s.
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D. both (a) and (b). 3. Maggie Sharrer Company borrows $88,500 on Sept. 1, 2008, from Sandwich State Bank by signing an $88,500, 12%, one- year note. What is the accrued interest at Dec. 31, 2008? A. $2,6 55. B. $3,5 40. C. $4,4 25. D. $10, 620. 4. Becky Sherrick Company has total proceeds from sales of $4,515. If the proceeds include sales taxes of 5%, the amount to be credited to Sales is: A. $4,0 00. B. $4,3 00. C. $4,2 89.2 5. D. No corre ct answ er give n.
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5. The term used for bonds that are unsecured is: A. calla ble bond s. B. inde ntur e bond s. C.
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This note was uploaded on 01/27/2010 for the course MGT 011A taught by Professor Hancock,john during the Spring '07 term at UC Davis.

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chapter11a - Chapter 11 1. The time period for classifying...

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