For Each Item Numbered 1 Through 16 Below, Select the Appropriate

question 12

Essay

For each item numbered 1 through 16 below, select the appropriate effect on liabilities listed in a through e that each transaction describes. You may use each letter more than once or not at all. In some cases, two effects are correct.
____ 1. Purchased supplies on account.
____ 2. Paid accounts payable.
____ 3. Issued a $1,000 short-term note payable for $970.
____ 4. Amortized the discount of the short-term note payable.
____ 5. A portion of long-term debt is due next year.
____ 6. Declared cash dividends to holders of stock.
____ 7. Paid the cash dividend previously declared.
____ 8. Received money from customers prior to delivery of the product to the customer.
____ 9. Delivered products to a customer who previously paid for that product.
____ 10. Collected sales tax on behalf of the state government.
____ 11. Accrued payroll taxes that the firm has to pay to the federal government within three months.
____ 12. Accrued a bonus amounting to 5% on reported income to the CEO.
____ 13. In a lawsuit filed against the firm, counsel indicates that the potential $10,000 loss is remote.
____ 14. In a lawsuit filed against the firm, counsel indicates that the potential $10,000 loss is reasonably possible.
____ 15. In a lawsuit filed against the firm, counsel indicates that the potential $10,000 loss is highly probable.
____ 16. Accrued warranty expense.

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Definitions:

Family Hero

A family role where a member takes on responsibilities to compensate for challenges or deficiencies within the family, often perceived as exemplary or overachieving.

Chemically Dependent

A condition where an individual becomes physically or psychologically reliant on substances such as drugs or alcohol.

Chemical Dependency

A condition characterized by the compulsive use of controlled substances or addiction to alcohol or drugs, leading to significant impairment or distress.

Family Roles

The functions and responsibilities assigned to members within a family unit, often based on cultural, societal, or individual family beliefs and values.