Reference no: EM132776075
Problem 1: On January 1, 2020, Pharoah Company, a calendar-year company, issued $2160000 of notes payable, of which $540000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is:
A. Current liabilities, $540000; Long-term Debt, $1620000.
B. Current liabilities, $540000; Long-term Debt, $1080000.
C. Long-term debt, $2160000.
D. Current liabilities, $2160000.
Problem 2: A cash register tape shows cash sales of $8200 and sales taxes of $410. The journal entry to record this information is
A. Cash $8610
Sales Revenue $8200
Sales Taxes Payable $410
B. Cash $8200
Sales Revenue $820
C. Cash $8200
Sales Tax Expense $410
Sales Revenue $8610
D. Cash $8610
Sales Tax Revenue $410
Sales Revenue $8200
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