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Question # 1 Which of the following items should normally be classified as a current liability for Prairie Brewing Company? Prairie has a 1 5
Question # Which of the following items should normally be classified as a current liability for Prairie Brewing Company? Prairie has a month operating cycle.a A note payable due in months.b Salaries payable.c A payable that matures in two years.d A note payable due in months.e The portion of a longterm note that is due to be paid in months.Question # If Simran Makeup sells $ of make up merchandise with a cost of $ for cash on September The sales tax law requires Simran to collect harmonized sales tax on every dollar of merchandise sold. Record Simran's entries for the $ sale and applicable sales tax.Question # During Jane Bubble Tea House recorded $ in estimated income taxes on the last day of each month and made the payment on the th of the following month. On December Jane's yearend, it was determined that total income tax expense for the year was $ Record the income tax expense on December assuming no entry has yet been made in December to record tax and the payment on January Question # Toronto Concerts receives $ in advance cash ticket sales for a fourdate tour for Diana Krall. Record the advance ticket sales as a lump sum as of October The concerts sold out and no additional ticket sales have been recorded. Record the revenue earned for the first concert date, November assuming each concert date brings in the same amount of revenue.
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