A responsible person is a person or group of people who has the duty to perform and the power to direct the collecting. and paying of payroll taxes to federal state and local governments True False 2. One of the advantages of debt over equity financing is dividends paid by a corporation to its stockholders are not tax deductible by the corporation but interset paid on debit is tax deductible True False 3. When bonds are issued at a discount the borrower will pay the face Value (Par value) of the bonds at maturity True False 4.The account Discount Pucouni on Bonds PlyiMe actually represents interest expense and will be amortized over the life of the bond True False 5. If a lease transfers ownership of the propeny to the lessee at the end of the lease term, it should be regarded as a capital lease True False 6 Balance sheet classification of currcnt assets and current liabilities is important in the calculation of working capital True False 7 The amount of FIOA tax and Medicare tax withheld from an employee is matched by the employer True False 8 The currcnt portion of long-term debt should be reported separately in the current liabilities section of the balance sheet because it represent that amount of the long-term debt that will be paid within one year Tnie False 9 Working capital and the working capital ratio arc two methods that investors and lenders use to to determine the liquidity of a corporation True False 10 On the balance sheet, a liability is generally >vlueJ at the amount of money needed to pay the debt or reported at the fair market value of the goods or services to be delivered True False 11 Liabilities that fall due within one year or within the operating cycle are classified as current liab.lities Tme False 12 Investors and lenders like to see a company have consistent cash flow and consistent Profitability True False