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10 - 1 2 The time period for classifying a liability as...

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1. The time period for classifying a liability as current is one year or the operating cycle, whichever is: A. longer. B. shorter. C. probable. D. possible. 2. To be classified as a current liability, a debt must be expected to be paid: 3. Corricten Company borrows $88,500 on September 1, 2010, from Harrington State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at December 31, 2010? 4. RS Company borrowed $70,000 on December 1 on a 6-month, 12% note. At December 31:
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5. Andre Company has total proceeds from sales of $4,515. If the proceeds include sales taxes of 5%, what is the amount to be credited to Sales? A. $4,000 . B. $4,300. C. $4,289.25. D. The correct answer is not given.
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