Question

The maturity date of a 7-month interest bearing note dated January 31, 2020 is * June...

The maturity date of a 7-month interest bearing note dated January 31, 2020 is *

June 30, 2020

July 31, 2020

August 31, 2020

September 30, 2020

A large stock dividend is defined as *

less than 30% but greater than 25% of the corporation's issued stock

more than 20–25% of the corporation's issued stock

between 50% and 100% of the corporation's issued stock

more than 30% of the corporation's issued stock

Advertisement payable is classified as a(n) *

Revenue

Expense

Current asset

Current liability

Business   Accounting   
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Homework Answers

Answer #1

1.

The maturity date of a 7-month interest bearing note dated January 31, 2020 is August 31, 2020.

When 7 months are added to January 31, 2020, maturity date comes at August 31, 2020.

Third option is correct.

2.

A large stock dividend is defined as more than 20–25% of the corporation's issued stock.

All dividends generally of less than 20%, are considered as small stock dividends.

Second option is correct.

3.

Advertisement payable is classified as a Current liability.

Fourth option is correct.

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