of Items 37-40 A-TrueB-False 37. ? ommon stock is an asset shareholders 39. It i
ID: 2408663 • Letter: O
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of Items 37-40 A-TrueB-False 37. ? ommon stock is an asset shareholders 39. It is mu proprestorship. 40, A $75,000 6?day 6 ge of incorporetiu ia unE imsted 1Lability to the asier to form a partnership than a sole rm note wil1 pay interest at maturity ot 750 Questions 41?4s. classify-the to a. Asset b. c. Long term Liability Current Liability d. aStockholders- Equity e Not a balance sheet account 4 1 42 Common Stock Cash Dividends Payable Paid in Capital, Treasury Stock Bonds Payable Gain on Sale of Equipment 43 45 Net receivables is the total account receivables less the ncollectible accounts. (A- True B- False) 46. allowance for u 47. Premi um on, bonds is- to get the book value of the bonds. a. added to bonds payable b. subtracted from bonds payable c. neither added or subtracted d. added to interest payableExplanation / Answer
37) False - equity account 38) False - liability is limited 39) FALSE 40) 75000*6%*60/360= 750 TRUE 41) Stockholders Equity d 42) Current liability b 43) Stockholders Equity d 44) long term liability c 45) not a balance sheet account e 46) TRUE 47) option b subtracted from bonds payable
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