A) Are always considered estimated liabilities. B) Should always be recorded. C) Should always be disclosed. D) Should be disclosed if payment for damages is probable but the amount cannot be reliably estimated. E) None of these answers is correct. A) Are always considered estimated liabilities. B) Should always be recorded. C) Should always be disclosed. D) Should be disclosed if payment for damages is probable but the amount cannot be reliably estimated. E) None of these answers is correct.

Exam 11: Current Liabilities

On June 14,Cool Sports gave a 90-day note payable to Slip and Slide Co.,instead of cash payment of an overdue account.The amount of the note was $65,000 at an interest rate of 12%. Prepare the journal entry and determine the maturity date for Cool Sports to record payment of the note.

Free

(Essay)

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Question 1

Correct Answer:

Verified

The employer should record payroll deductions as:

Free

(Multiple Choice)

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Question 2

Correct Answer:

Verified

West Coast Outdoor Co.signed a $8,000,90-day,4% interest-bearing note payable at the bank in exchange for cash.Which of the following journal entries should West Coast Outdoor Co.use to record the note?

Free

(Multiple Choice)

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Question 3

Correct Answer:

Verified

Estimated liabilities can arise from:

(Multiple Choice)

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Question 4

A short-term note payable is a written promise to pay a specified amount on a specified future date within one year or the payee's operating cycle,whichever is shorter.

(True/False)

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Question 5

Contingent liabilities are disclosed when the liability is not _ or it cannot be _.

(Short Answer)

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Question 6

A combined GST and PST rate of 12% applied to taxable supplies is called:

(Multiple Choice)

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Question 7

The difference between the amount received from a note payable and the amount repaid is:

(Multiple Choice)

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Question 8

A company's obligations not expected to be paid within the longer of one year of the balance sheet date or the next operating cycle are reported as current liabilities.

(True/False)

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Question 9

Provincial sales tax payable:

(Multiple Choice)

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Question 10

Pending lawsuits:

(Multiple Choice)

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Question 11

A refund of GST would be received if the balance in the GST account exceeded the balance in the GST __ account.

(Short Answer)

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Question 12

_____________ is to compensate the owner of note payable for its use by a borrower until payment is made.

(Short Answer)

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Question 13

Long-term liabilities:

(Multiple Choice)

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Question 14

The current portion of long-term debt:

(Multiple Choice)

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Question 15

Trade accounts payable are amounts owed to suppliers for products or services purchased on credit.

(True/False)

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Question 16

On November 15,Lohr Co.borrowed $20,000 from Convenient Bank.The loan had an interest rate of 12% and was due in 120 days. Prepare the journal entry to record the payment of the note on Lohr's books,assuming an adjusting entry was made at December 31^st ,Lohr Co.'s year end.

(Essay)

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Question 17

Breathe Therapeutic Company is located in Medicine Hat,Alberta and is a retailer of massage supplies.Beginning inventory is $70,000,and Breathe uses the perpetual inventory system.Complete the journal entries on the following dates,including 5% GST as applicable.

(Essay)

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Question 18

A pending lawsuit is an example of a contingent liability.

(True/False)

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Question 19

Taxable goods or services on which GST is calculated and that include everything except zero-rated and exempt supplies are called ________________.

(Short Answer)

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Question 20

Showing 1 - 20 of 99

On June 14,Cool Sports gave a 90-day note payable to Slip and Slide Co.,instead of cash payment of an overdue account.The amount of the note was $65,000 at an interest rate of 12%. Prepare the journal entry and determine the maturity date for Cool Sports to record payment of the note.

The employer should record payroll deductions as:

West Coast Outdoor Co.signed a $8,000,90-day,4% interest-bearing note payable at the bank in exchange for cash.Which of the following journal entries should West Coast Outdoor Co.use to record the note?

Estimated liabilities can arise from:

A short-term note payable is a written promise to pay a specified amount on a specified future date within one year or the payee's operating cycle,whichever is shorter.

Contingent liabilities are disclosed when the liability is not _ or it cannot be _.

A combined GST and PST rate of 12% applied to taxable supplies is called:

The difference between the amount received from a note payable and the amount repaid is:

A company's obligations not expected to be paid within the longer of one year of the balance sheet date or the next operating cycle are reported as current liabilities.

Provincial sales tax payable:

Pending lawsuits:

A refund of GST would be received if the balance in the GST account exceeded the balance in the GST __ account.

_____________ is to compensate the owner of note payable for its use by a borrower until payment is made.

Long-term liabilities:

The current portion of long-term debt:

Trade accounts payable are amounts owed to suppliers for products or services purchased on credit.

On November 15,Lohr Co.borrowed $20,000 from Convenient Bank.The loan had an interest rate of 12% and was due in 120 days. Prepare the journal entry to record the payment of the note on Lohr's books,assuming an adjusting entry was made at December 31^st ,Lohr Co.'s year end.

Breathe Therapeutic Company is located in Medicine Hat,Alberta and is a retailer of massage supplies.Beginning inventory is $70,000,and Breathe uses the perpetual inventory system.Complete the journal entries on the following dates,including 5% GST as applicable.

A pending lawsuit is an example of a contingent liability.

Taxable goods or services on which GST is calculated and that include everything except zero-rated and exempt supplies are called ________________.

Property,plant and Equipment,and Intangibles

Partnerships

Organization and Operation of Corporations

Corporate Reporting: Income,earnings Per Share,and Retained Earnings

Bonds and Long-Term Notes Payable

Accounting for Debt and Share Investments

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Filters

Exam 11: Current Liabilities

On June 14,Cool Sports gave a 90-day note payable to Slip and Slide Co.,instead of cash payment of an overdue account.The amount of the note was $65,000 at an interest rate of 12%. Prepare the journal entry and determine the maturity date for Cool Sports to record payment of the note.

The employer should record payroll deductions as:

West Coast Outdoor Co.signed a $8,000,90-day,4% interest-bearing note payable at the bank in exchange for cash.Which of the following journal entries should West Coast Outdoor Co.use to record the note?

Estimated liabilities can arise from:

A short-term note payable is a written promise to pay a specified amount on a specified future date within one year or the payee's operating cycle,whichever is shorter.

Contingent liabilities are disclosed when the liability is not _______________ or it cannot be _______________.

A combined GST and PST rate of 12% applied to taxable supplies is called:

The difference between the amount received from a note payable and the amount repaid is:

A company's obligations not expected to be paid within the longer of one year of the balance sheet date or the next operating cycle are reported as current liabilities.

Provincial sales tax payable:

Pending lawsuits:

A refund of GST would be received if the balance in the GST ________________ account exceeded the balance in the GST __________________ account.

_____________ is to compensate the owner of note payable for its use by a borrower until payment is made.

Long-term liabilities:

The current portion of long-term debt:

Trade accounts payable are amounts owed to suppliers for products or services purchased on credit.

On November 15,Lohr Co.borrowed $20,000 from Convenient Bank.The loan had an interest rate of 12% and was due in 120 days. Prepare the journal entry to record the payment of the note on Lohr's books,assuming an adjusting entry was made at December 31st ,Lohr Co.'s year end.

Breathe Therapeutic Company is located in Medicine Hat,Alberta and is a retailer of massage supplies.Beginning inventory is $70,000,and Breathe uses the perpetual inventory system.Complete the journal entries on the following dates,including 5% GST as applicable.

A pending lawsuit is an example of a contingent liability.

Taxable goods or services on which GST is calculated and that include everything except zero-rated and exempt supplies are called ________________.

Property,plant and Equipment,and Intangibles

Partnerships

Organization and Operation of Corporations

Corporate Reporting: Income,earnings Per Share,and Retained Earnings

Bonds and Long-Term Notes Payable

Accounting for Debt and Share Investments

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Filters

Contingent liabilities are disclosed when the liability is not _ or it cannot be _.

A refund of GST would be received if the balance in the GST account exceeded the balance in the GST __ account.

On November 15,Lohr Co.borrowed $20,000 from Convenient Bank.The loan had an interest rate of 12% and was due in 120 days. Prepare the journal entry to record the payment of the note on Lohr's books,assuming an adjusting entry was made at December 31^st ,Lohr Co.'s year end.