week 3 Ind Assig - 1. Assignments from the Readings Ch. 10:...

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1. Assignments from the Readings Ch. 10: Questions 1. Georgia Lazenby believes a current liability is a debt that can be expected to be paid in one year. Is Georgia correct? Explain., 7 (a) What are long-term liabilities? Give two examples. (b) What is a bond? 8 Contrast these types of bonds: (a) Secured and unsecured. (b) Convertible and callable. & 19 Valentin Zukovsky says that liquidity and solvency are the same thing. Is he correct? If not, how do they differ? Brief Exercise BE10-1 Kananga Company has these obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability. and Financial Reporting Problem BYP10-1 FINANCIAL REPORTING PROBLEM: Tootsie Roll Industries BYP10-1 Refer to the financial statements of Tootsie Roll
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This note was uploaded on 09/09/2010 for the course ACC 400 taught by Professor P i during the Spring '09 term at University of Phoenix.

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week 3 Ind Assig - 1. Assignments from the Readings Ch. 10:...

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