Question 7. (TCO D) Which of the following taxes does not
represent a payroll deduction a company may incur?
Federal income taxes
FICA taxes
State unemployment taxes
State income taxes
Question 8. (TCO D) Which of the following is not acceptable
treatment for the presentation of current liabilities?
Listing current liabilities in order of maturity
Listing current liabilities according to amount
Offsetting current liabilities against assets that are to be applied
to their liquidation
Showing current liabilities immediately below current assets to
obtain a presentation of working capital
Question 9. (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