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Protected View - Saved to this PC L e Search W View Help o edit, it's safer to stay in Protected View Enable Editing Acct 201 Ch. 10 Practice Set Fall 2019 1. A current liability is a debt that can reasonably be expected to be paid A) within one year, or the operating cycle, whichever is longer B) between 6 months and 18 months C) out of currently recognized revenues. D) out of cash currently on hand 2. Which of the following is not a current liability on December 31, 2017? A) A Note Payable due December 31, 2018 B) An Accounts Payable due January 31, 2018 C) A lawsuit judgment to be decided on January 10, 2018 D) Accrued salaries payable from 2017 3. Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1, Sadowski Brick Company sins a $500,000,6%, 9-month note. The entry made by Sadowski Brick Company on January 1 to record the proceeds and issuance of the note 22.500 477,500 500,000 500,000 500,000 A) Interest Expense Cash Notes Payable B) Cash Notes Payable C) Cash Interest Expense Notes Payable D) Cash Interest Expense Notes Payable Interest Payable 500.000 22.500 522,500 500,000 22,500 500.000 22,500

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