QUESTION 24 Sales taxes collected by a retailer are reported as O a. contingent liabilities. O b.revenues c. expenses. d. current liabilities. QUESTION 25 All of the following are generally considered as current liabilities except O a. accounts payable. O b.notes payable. O c. bonds payable. O d. unearned revenues. QUESTION 26 10 po A plant asset costing $288,000 was acquired by a company. It is estimated to have a $36,000 salvage value at the end of its 8-year useful life. The annual depreciation expense recorded for the third year using the double-declining balance method would be O a $35,436 O b. $27,570 O c. $24,120 O d. $40,500 QUESTION 27 10 P One of the following income statement figures would probably be the best indicator of a company's future performance Which is it? Total revenues Income from operations Net Income Gross profit QUESTION 28 10 points Save Murdoch Corp. issues 2,000 shares of $10 par value common stock at $16 per share. When this transaction is recorded, credits are made to O a Common Stock $32,000 b. Common Stock $20,000 and Paid-in Capital in Excess of Par $12,000. Oc Common Stock $20,000 and Pald-in Capital in Excess of stated Value $12,000, d. Common Stock $20,000 and Retained Earnings $12,000. Given the following data for the Queen Company Current liabilities $ 400 Long-term debt 480 Common stock 700 Retained earnings 920 Total liabilities & stockholders' equity $2.500 How would common stock appear on a common-size balance sheet? B FO RE Sa Pri : a. 20% O b. 28% O c. 30% O d. 70% 3 Cre Trar