Which of the following is most likely to be reported as a long-term asset? a. Accounts receivable b. Buildings c. Prepaid rent d. Inventories

JJAY has the following liabilities. Identify which of the liabilities are known obligation a. Accounts Payable, Unearned Revenues and Payroll Liabilities b. A students lawsuit, legal case, that has a remote chance for settlement. c. A professors worker compensation case of material amount that is reasonably possible d. Both a, and b above are correct. A bond is its issuers written promise to pay an amount identified as the par value of the bond. Bonds are generally issued with par values of a. $10 b. $10,000 c. Either $1,000 or $100 d. Only a and b answers are correct.

Temporary accounts would not include: a. Salaries expense b. Accounts receivable c. Rent revenue d. All of these answers are incorrect

On June 30, 2018, Mabry Corporation issued $15 million of its 8% bonds for $13.8 million. The bonds were priced to yield 10%. The bonds are dated June 30, 2018. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the 6 months ended December 31, 2018? a. $48,000 b. $60,000 c. $69,000 d. $90,000