2. Petrocelli Company obtains $40,000 in cash by signing 6-month, $40,000 note payable to First Bank on cal year ends on September 30. What information should be reported for the note payable in the annual financial statements? a 7%, July 1. Petrocelli's fis- 8. What is the d amount should a c 9. Which payrol 3. a. Your roommate says, "Sales taxes are reported as an expense in the income statement." Do you agree? Explain. b.Jensen Company has cash proceeds from sales of $8,400. This amount includes $400 of sales taxes. Give the entry to record the proceeds. 4. Ottawa University sold 15,000 season football tickets at $80 each for its six-game home schedule. What entries should be made (a) when the tickets were sold, and (b) after each game? 10. Are the feder paychecks a payro 11. What do the SUTA? 12. What inform 13. Distinguish examples of each 14. What are the 5. What is liquidity? What are two measures of liquidity? 6. What is a contingent liability? Give an example of a contingent liability that is usually recorded in the accounts. 15. a. Identify b. How are classifie