QUESTIONS 1. For accounting purposes, how are liabilities defined? 2. At what amount are current liabilities presented on the balance sheet? 3. What does the term current liabilities mean? 4. What formula should Hardy Company use to calculate the total amount of interest on a note payable that uses add-on interest? 5. Gordon Company signed a note payable on November 20. Gordon has a December 31 year-end. It paid the note, including interest, on the maturity date, February 20. What accounts did Gordon debit and what account did it credit on February 20? 6. Jack Swanson gave a creditor a 90-day, eight percent note payable for $7,200 on December 16. What ad justing entry should Swanson make on December 31