All of the following statements regarding long-term liabilities are true except?
A. Long-term liabilities can be reported on the balance sheet in a single total or in multiple categories.
B. A single long-term liability can be divided between current and noncurrent sections on the balance sheet.
C. Long-term liabilities include long-term notes payable, warranty liabilities, lease liabilities, and bonds payable.
D. Liabilities that do not have a fixed due date, but are payable on demand, are reported as long-term liabilities.
E. Liabilities not expected to be paid within the longer of one year or the company's operating cycle are reported as long-term liabilities.
Answer: D
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Both U.S. GAAP and IFRS permit considerable flexibility with respect to the display of information in the statement of cash flows. Firms must report cash flows from operations, investing, and financing for the _____
a. current year b. current year and the prior year c. current year and the prior two years d. current year and the prior three years e. current year and the prior four years
Elion was a partner in a partnership. Elion's death would be considered a wrongful dissociation.
Answer the following statement true (T) or false (F)
A company had the following purchases and sales during its first year of operations:
On December 31, there were 26 units remaining in ending inventory. Using the Periodic LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
A) $3,405.
B) $3,270.
C) $3,200.
D) $3,364.
E) $5,400.
Last year Tiemann Technologies reported $10,500 of sales, $6,250 of operating costs other than depreciation, and $1,300 of depreciation. The company had no amortization charges, it had $5,000 of bonds that carry a 6.5% interest rate, and its federal-plus-state income tax rate was 35%. This year's data are expected to remain unchanged except for one item, depreciation, which is expected to
increase by $750 . By how much will net after-tax income change as a result of the change in depreciation? The company uses the same depreciation calculations for tax and stockholder reporting purposes. a. ?463.13 b. ?487.50 c. ?511.88 d. ?537.47 e. ?564.34