Precision Software Ltd. includes an 5% sales tax in the amount credited to the sales account. If the sales account has a balance of $675,250, the amount of the sales tax payable to the government is: $33,763 $29347 $32,155 $29,450 Question 9 (1 point) The cash proceeds received from issuing a bond are less than the face value of the bond. It is apparent that the bond was issued at: a premium par value a discount face value Question 10 (1 point) Potential liabilities that depend on future events arising out of past events are called: contingent liabilities estimated liabilities long-term liabilities actual liabilities Question 11 (1 point) The number of shares currently in the hands of shareholders is the same as the number of shares: issued proposed by the board of directors outstanding authorized Question 12 (1 point) Warranty expense should be recorded in the period: the product is sold that the product is paid for by the customer that the product sold is repaired or replaced immediately following the period in which the product is sold Question 13 (1 point) A company issued a 10%, 5-year, $10,000 bond to an investor for a cash price of $9,506. The best explanation/reason why the company did not receive exactly $10,000 cash is: the company paid a broker a commission on the issuance. the interest rate changed since the bonds were first offered, and the investor demanded a higher interest rate for her investment in the bond the interest rate changed since the bonds were first offered, and the investor accepted a lower interest rate for her investment in the bond none of the above are legitimate reasons