URGENT

QUESTION 17

1. A current liability is a debt that a company could pay

   		from existing current assets.
   		through the creation of other current liabilities.
   		within one year or the operating cycle whichever is longer.
   		all of the above.

3 points

QUESTION 18

1. When an asset is sold, a loss is recognized when the

   		sale price is less than the book value (cost accumulated depreciation) of the asset sold.
   		sale price is more than the book value (cost accumulated depreciation) of the asset sold.
   		sale price is less than the original cost of the asset sold.
   		sale price is less than the depreciable cost of the asset sold.

3 points

QUESTION 19

1. Entity F sold 500 season tickets (at $50 each) to its Americas National Parks film series which consists of 10 films shown over 10 months. Entity F promptly debited Cash and credited Unearned revenue when the tickets were sold. What is the balance in the Unearned revenue account after the first film is shown?

   		$22,500
   		$25,000.
   		$0
   		$2,500.

3 points

QUESTION 20

1. On January 1, 2023, Entity A purchased a patent for a battery with an increased lifespan and an extremely fast charging capacity. The purchase price for the patent was $40 million. It is estimated that the patent will have a legal life of 18 years and a useful life 15 years. The amount of amortization expense recognized for the year 2023 would be (round to the nearest dollar if necessary).

   		$2,666,667
   		$2,222,222
   		$40,000,000
   		$2,444,445