1. ABC Company reports Working Capital of $4,500,000. The current ratio is 1.5 to 1.00. Which statement is true? a. Current Assets are less than Current Liabilities b. Current Liabilities are $9,000,000 c. Current Assets are $6,750,000 d. Working Capital is a measure of long-term solvency 2. The account least likely to be a current liability is: a. Accrued expense payable b. Accounts payable c. Mortgage payable d. Income taxes payable 3. The best example of a contingent liability is: a. the refund from a supplier of inventory for purchasing a certain volume of inventory b. the offer of employment to the next CFO c. the amount owed to a supplier for a purchase of inventory d. the amount of damages the company expects to pay for a patent infringement 4. ABC Company borrowed $10,000,000 on a short-term basis. The loan originated on August 1, 2019 and will be paid back on May 31, 2020. The annual interest rate is 11%. Use simple interest. What is the interest expense in 2019 and 2020, respectively? a. $458,333 and $458,333 b. $458,333 and $550,000 c. $550,000 and $1,100,000 d. $366,667 and $550,000