Question 3
Unearned revenues are received before goods are delivered or services are rendered .
Question 4
The carrying value of bonds is calculated by adding the balance of the Discount on Bonds Payable account to the balance in the Bonds Payable account .
Question 5
Material gains or losses on bond redemption are reported as an extraordinary item on the income statement .
Question 6 Liabilities are classified on the balance sheet as current or Question 7
With an interest-bearing note , the amount of assets received upon issuance of the note is generally
Question 8
The interest charged on a $ 70,000 note payable , at the rate of 6 %, on a 90-day note would be
Question 9
On January 1 , 2014 , Keisler Company , a calendar-year company , issued $ 700,000 of notes payable , of which $ 175,000 is due on January 1 for each of the next four years . The proper balance sheet presentation on December 31 , 2014 , is
Question 10
Norlan Company does not ring up sales taxes separately on the cash register . Total receipts for October amounted to $ 29,400 . If the sales