1) Which of the following is the best definition of a current liability? (Chapter 13)

2)Current liabilities are normally recorded at the amount expected to be paid rather than at their present value. This practice can be supported by GAAP according to the concept of: (Chapter 13)

3)Oklahoma Oil Corp. paid interest of $885,000 during 2021, and the interest payable account decreased by $125,000. What was interest expense for the year? (Chapter 13)

12)Slotnick Chemical received $500,000 from customers as deposits on returnable containers during 2021. Fifteen percent of the containers were not returned. The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits? (Chapter 13)

3) During the year, L&M Leather Goods sold 2,000,000 reversible belts under a new sales promotional program. Each belt carried one rebate certificate which entitles the customer to a $5.00 cash refund when the rebate is submitted for redemption. L&M estimates that 70% of the rebates will be redeemed. 500,000 rebates had been submitted for redemption during the year. At December 31, L&M should report a liability for unredeemed rebate certificates of?? (Chapter 13)