Which would found in current liabilities on balance sheet

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Problem 1: Which of the following would only be found in current liabilities on the balance sheet?

Multiple Choice

Option 1: Bonds payable.

Option 2: Income tax liabilities.

Option 3: Accrued compensation for services already rendered by employees.

Option 4: Deferred revenue.

Problem 2: Which of the following represent(s) a bond valuation account?

Multiple Choice

Option 1: Bond interest

Option 2: Both bond premium and discount

Option 3: Bond discount

Option 4: Bond premium

Problem 3: Dot Company issued $200,000 of bonds on January 1, 20X1 with interest payable each year. The bonds had a stated rate of 8%. The bonds were set up as floating-rate debt with the rated pegged to LIBOR plus 3%.

Which of the following will be the interest expense for year 1 if LIBOR is 5% ?

Multiple Choice

Option 1: $6,000

Option 2: $10,000

Option 3: $18,000

Option 4: $16,000

Reference no: EM132664696

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