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23. Interest expense on an interest-bearing note is: a) always equal to zero b) accrued over the life of the note. c) only recorded at

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23. Interest expense on an interest-bearing note is: a) always equal to zero b) accrued over the life of the note. c) only recorded at the time the note is issued. d) only recorded at maturity when the note is paid. 24. The current portion of long-term debt should: a) be paid immediately. b) be reclassified as a current liability. c) be classified as a non-current liability d) not be separated from the non-current portion of debt. 25. Unearned revenue is initially recognized with a a) dobit to cash and credit to revenue b) debit to cash and credit to uneared revenue c) debit to revenue and credit to cash. d) debit to uneared revenue and credit to cash, 26. Cameron Company sells 2,000 units of its product for $ 500 each in 2021. The selling price includes a one-year warranty on parts. It is expected that 3% of the units will be defective and that repair costs will average $ 100 per unit. In 2021, warranty contracts are honoured on 40 units for a total cost of $ 4,000. What amount should Cameron Company record in 2021 for warranty expense? a) $ 6.000 b) $ 4.000 c) $ 2.000 d) $ 30,000 27. If a liability is dependent on a future event, it is called a a) potential loss b) hypothetical loss c) probabilistic loss. d) contingent loss. 28. Disclosure of a contingent loss is usually made: a) parenthetically, in the body of the balance sheet b) parenthetically, in the body of the income statement c) in a note to the financial statements. d) in the management discussion section of the financial statement. 29. If it is likely that a company will lose a lawsuit and the amount can be reliably estimated, then the company must a) record the asset. b) disclose only in the notes to the financial statements c) not record or disclose any information d) record the loss and the ability 30. An employee receives a bi-weekly gross salary of $2,000. The employee's deductions include income tax of $ 218, CPP of $ 62. El of $ 37, and union dues of $ 50. The employer's share of the deductions includes CPP of $ 92 and El of $ 52. What is the total amount of salaries and Employee Benefits Expense that XYZ Corp. would record on its income statement as a rest of the employee's bi-weekly salary? a) $1,653 b) $ 2.000 c) $2.144 d) $2,347

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