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1. Current liabilities are debts that are expected to be satisfied a.after one year. b.only after six months. c.within one year. d.after several years. 2.

1.

Current liabilities are debts that are expected to be satisfied

a.after one year.

b.only after six months.

c.within one year.

d.after several years.

2. On January 8, Lowrence Co. issued a $60,000, 120-day discounted note to Raines Bank. The discount rate is 8%. Assuming a 360-day year, what are the proceeds received?

a.$55,200

b.$60,000

c.$61,600

d.$58,400

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