FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
All of the following are reported as current liabilities except:
a. interest payable.
b. bonds payable due in 18 months.
c. salaries payable.
d. sales tax payable.
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- On October 1, 2020, an entity borrowed cash and signed a three-year interest bearing note on which both the principal and interest are payable on October 1, 2023. On December 31, 2021, accrued interest payable should A. not be reported as a liabilityB. be reported as current liabilityC. be reported as noncurrent liabilityD. be reported as part of noncurrent note payablearrow_forwardCompute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 9 6 months $1,575arrow_forwardEntries for Bonds Payable, induding bond redemption The following transactions were completed by Montague Inc., whose fiscal year is the calendar year:arrow_forward
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