Which of the following is a current liability? a) Notes Payable (due in 2 years) b) Unearned Revenue c) Bonds Payable d) Equipment
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- Which of the following is not considered a current liability? A. Accounts Payable B. Unearned Revenue C. the component of a twenty-year note payable due in year 20 D. current portion of a noncurrent note payableWhich of the following would most likely be classified as a current liability? Bonds payable Accounts payable O Mortgage payable O Three-year notes payableThe estimated warranty obligation at the end of the financial year is best described as a A. Uncertain liability OB. Contingent liability O C. Liability O D. Constructive liability OE. Unrecognized liability
- 18. Gains or losses from refunding are recognized a. over the remaining life of the old issueb. in the year of refundingc. over the life of the new bond issued. as a prior period adjustment2. The printing costs and accounting/legal fees associated with the issuance of bonds should: (A) Be expensed when incurred. (B) Be reported as a deduction from the face amount of the bonds payable on the balance sheet. (C) Be accumulated in a deferred charge account (unamortized asset) and amortized to expense over the life of the bonds. (D) Be recorded as an expense all in the year the bonds mature or are retired. (E) None of the above.Determine the correct classification of the following liabilities:(1) Liability due in 6 months.(2) Liability refinanced with long term debt between the statement of financial position date and the date of issuance of financial statement.(3) Liability which will be refinanced on a long-term basis between the statement of financial position date and date of issuance of financial statement through an irrevocable agreement signed by debtor.(4) Liability paid between statement of financial position date and date of issuance of financial statement with cash; the cash is replenished with proceeds from long term debt also between the statement of financial position date and date of issuance of Only number 3 is noncurrent. All are current liabilities. Both numbers 3 and 4 are noncurrent. Only number 1 is current.
- Which of the following is classified as nonmonetary? a. Warranty liability b. Accrued expense c. Unamortized discount on bonds payable d. Refundable depositThe debt is amortized by equal payments made at the end of each payment interval. Compute (a) the size of the periodic payments; (b) the outstanding principal at the time indicated; (c) the interest paid by the payment following the time indicated; and (d) the principal repaid by the payment following the time indicated for finding the outstanding principal. Repayment Period Рayment Interval Outstanding Principal After: 8th payment Conversion Debt Principal Interest Rate Period $15,000 8 years 3 months 10% quarterly (a) The size of the periodic payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal after the 8th payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The interest paid by the 9th payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six…The current portion of long-term debt should Select one: a. be reclassified as a current liability. b. be classified as a long-term liability. C. not be separated from the long-term portion of debt. d. be paid immediately.
- If the sale of bonds falls between interest dates, interest accrued since the last interest payment would be O a. added to; debited to Interest Revenue O b. subtracted from; debited to Interest Revenue O c. subtracted from; credited to Interest Revenue O d. added to; credited to Interest Revenue the sale proceeds andBalance sheet values are calculated using compound interest (present value) calculations for all of the following except a.bonds payable. b.long-term notes receivable. c.long-term lease liabilities. d.deferred income taxes.Classifying Liability-Related Accounts into Balance Sheet or Income StatementIndicate the proper financial statement classification (balance sheet or income statement) for each of the following liability-related accounts. Account Financial Statement a. Gain on Bond Retirement b. Discount on Bonds Payable c. Mortgage Notes Payable d. Bonds Payable e. Bond Interest Expense f. Bond Interest Payable (due next period) g. Premium on Bonds Payable h. Loss on Bond Retirement
