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(Solution document) 1) In most cases, current liabilities are payable within ____ year(s), and long-term liabilities are payable more than ____ year(s) from now.


1) In most cases, current liabilities are payable within ____ year(s), and long-term liabilities are payable more than ____ year(s) from now.

one; two

one; one

two; two

one; ten


2) The Pita Pit borrowed $100,000 on November 1, 2018, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2019. In connection with this note, The Pita Pit should report interest expense in 2019 for the amount of:

$0.

$4,000.

$2,000.

$6,000.


3) During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable.

 







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