1. Why is Accounts Payable classified as a current liability? 2. If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year? 3. What is a contingent liability? What are the two FASB required conditions for a contingent liability to be recognized? Name the four contingent liability treatments. 4. What is a key difference between a short-term note payable and a current portion of a noncurrent note payable? 5. What business circumstance could bring about a short-term note payable created from a purchase? From a loan? 6. Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note? 7. What are examples of involuntary deductions employers are required to collect for employee and employer payroll liabilities? 8. What are the 2019 tax rates for FICA Social Security and FICA Medicare? What are the 2019 maximum taxable earnings amounts for each of these taxes? 9. What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is the reduction, and how is this determined? 10. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? What would it be if an employee makes $2,500 per month and files as single with two withholding allowance