Notes payable is considered a ________ on the balance sheet.
A. current asset
B. cash out-flow
C. long-term liability
D. current liability
Answer: C
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During the planning phase of the writing process, a writer should do all of the following except what?
A) Check for conciseness B) Limit the scope C) Select an approach D) Outline content E) Define the main idea
Use the following information to answer the question below. The following transactions involving Lupine Corporation occurred during the year: Apr. 1 Purchased 2,000 shares of its own preferred stock for $20, the current market price. This is the first transaction involving its own stock engaged in by the company. May 3 Sold 400 of the shares purchased on April 1 for $25 per share. June 5 Retired
600 of the shares purchased on April 1 . The original issue price was $10 . The par value of the stock is $5. The entry to record the June 5 transaction would be: a. Preferred Stock 3,000 Additional Paid in Capital, Preferred 3,000 Treasury Stock, Preferred 6,000 b. Treasury Stock, Preferred 6,000 Cash 6,000 c. Cash 3,000 Treasury Stock, Preferred 3,000 d. Preferred Stock 3,000 Additional Paid in Capital, Preferred 3,000 Retained Earnings 6,000 Treasury Stock, Preferred 12,000
The joint efforts of the FASB and the IASB to set forth qualitative characteristics of financial reporting information have led to which of the following tentative pervasive constraints?
a. cost, only b. materiality, only c. understandability, only d. timeliness, only e. materiality and cost
William owns a life estate in a farm. On his death, fee simple absolute ownership of the land will pass to James. Which of the following interests in real property does James have?
A) an easement B) a life estate C) a future interest D) a leasehold estate