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Question 8.
Question :
(TCO D) Which of the following is not
acceptable treatment for the presentation of current liabilities?
Question 9.
Question :
(TCO D) On December 31, 2010, Irey Co.
has $2,000,000 of short-term notes payable due on February 14, 2011.
On January 10, 2011, Irey arranged a line of credit with County Bank
that allows Irey to borrow up to $1,500,000 at 1% above the prime rate
for 3 years. On February 2, 2011, Irey borrowed $1,200,000 from
County Bank and used $500,000 additional cash to liquidate $1,700,000
of the short-term notes payable. The amount of the short-term notes
payable that should be reported as current liabilities on the December 31,
2010 balance sheet issued on March 5, 2011 is
Question 10. Question :
(TCO D) Vargas Company has 35
employees who work 8-hour days and are paid hourly. On January 1,
2009, the company began a program of granting its employees 10 days
of paid vacation each year. Vacation days earned in 2009 may first be
taken on January 1, 2010. Information relative to these empl