1. Known liabilities of estimated amounts are: a. Ignored b. reported on the balance sheet. C.contingent liabilities. d. reported only in the notes to the financial statements. 2. On January 1, 2012, you borrowed $13,000 on a five-year, %6 note payable. At December 31, 2013, you should record: a. interest payable of $780 b. note receivable of $13,000 c. cash payment of $13,000 d. nothing. 3. Your company sells $110,000 of goods and you collect sales tax of 4%. What current liability does the sale create? a. Sales tax payable of $4,400 b. sales revenue of 114,400 c. Unearned revenue f 4400 d. none