quiz 5 - Your Answer Points Received 2 of 2 Comments 6...

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Grade Details 1. Question: Current liabilities are Your Answer: due, but not receivable for more than one year due, but not payable for more than one year due and receivable within one year due and payable within one year CORRECT Points Received: 2 of 2 Comments: 2. Question: On June 8, Alton Co. issued an $90,000, 6%, 120-day note payable to Seller Co. What is the maturity value of the note? Your Answer: Points Received: 2 of 2
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Comments: 3. Question: On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? Your Answer: Points Received: 2 of 2 Comments: 4. Question: The journal entry a company uses to record the issuance of a note for the purpose of borrowing funds for the business is Your Answer: Points Received: 0 of 2 Comments: 5. Question: As interest is recorded on an interest-bearing note, the Interest Expense account is
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Unformatted text preview: Your Answer: Points Received: 2 of 2 Comments: 6. Question: The journal entry to record the conversion of an $550 accounts payable to a notes payable would be: Your Answer: Points Received: 2 of 2 Comments: 7. Question: The current portion of long-term debt should Your Answer: Points Received: 2 of 2 Comments: 8. Question: On January 5, 2009, Garrett Company, a calendar-year company, issued $500,000 of notes payable, of which $100,000 is due on January 1 for each of the next five years. The proper balance sheet presentation on December 31, 2009, is Your Answer: Points Received: 0 of 2 Comments: 9. Question: The total earnings of an employee for a payroll period is referred to as Your Answer: Points Received: 2 of 2 Comments: 10. Question: Most employers are required to withhold from employees for Your Answer: Points Received: 0 of 2 Comments:...
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