Chapter 11 and 12a

Which of the following would NOT be considered a current liability on the balance sheet? Interest Payable on Bonds FUTA and SUTA payable maturity value of 10 year bonds issued last year Unearned revenues

maturity value of 10 year bonds issued last year

Federal Income (payroll) taxes payable, FUTA, and SUTA are all employer payroll tax expenses on a company's books. True False

False

I decide I want to retire in 20 years, and plan to invest $6,000 a year. Assuming a 12% interest rate, to solve for how much I will have in my fund to retire with, I need to solve for:$6,000 (PV ann n = 20, I = 12%) True False

False

Which of the following statements is FALSE? Payroll tax liabilities are considered long term liabilities on the balance sheet. FUTA and SUTA are employer payroll tax expenses Interest payable to the bondholders this year would be considered a current liability on the balance sheet. The currently maturing portion of long-term debt must be reported as a current liability on the balance sheet.

Payroll tax liabilities are considered long term liabilities on the balance sheet.