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What amount should Lake report as a current liability for advances from customers in its Dec. 31, 2018, balance sheet? A) $0. B) $80 million.

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What amount should Lake report as a current liability for advances from customers in its Dec. 31, 2018, balance sheet? A) $0. B) $80 million. C) $125 million. D) $170 million. 12) Revenue for gift card breakage should be recognized: A) When the gift card is sold. 8) No later than the last day of the operating period in which the gift card is delivered to the customer. C) When the probability of gift card redemption is viewed as remote. D) Under no circumstances, as gift cards are not themselves a delivered product, but rather a selling technique. 13) Clark's Chemical Company received refundable deposits on returnable containers in the amount of $100,000 during 2018. Twelve percent of the containers were not returned. The deposits are based on the container cost marked up 20 %. What is cost of goods sold relative to this forfeiture? A) S0. B) $2,000. C) $10,000. D) $14,400. ot nelg ood g ns s.qo M (0 14) Which of the following is not a current liability? A) Accounts payable. B) A note payable due in two years. C) Accrued interest payable. D) Sales tax payable. n M 15) On December 31, 2018, L Inc. had a $1,500,000 note payable outstanding, due July 31, 2019. L borrowed the money to finance construction of a new plant. L planned to refinance the note by issuing long-term bonds. Because L temporarily had excess cash, it prepaid $500,000 of the note on January 23, 2019. In February 2019, L completed a $3,000,000 bond offering. L will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2019. On March 13, 2019, L issued its 2018 financial statements. What amount of the note payable should L include in the current liabilities section of its December 31, 2018, balance sheet? A) $0. B) $500,000. C) $1,000,000. D) $1,500,000

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