On March 1, 2015, Vinnie Services Issued a 5% Long-Term

question 114

Multiple Choice

On March 1, 2015, Vinnie Services issued a 5% long-term notes payable for $15,000. It is payable over a 3-year term in $5,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2016. How will this information be shown on the balance sheet dated December 31, 2015?

• A)$15,000 shown as current liability only
• B)$5,000 shown as current liability; $15,000 shown as long-term liability
• C)$5,000 shown as current liability; $10,000 shown as long-term liability
• D)the entire $15,000 shown as long-term liability

Explain the Malthusian theory of population growth and its criticisms.

Compare and contrast key theories of social change, including Marx's and Spencer's approaches.

Describe modernization theory and its explanation of social change.

Understand the concept of cultural diffusion and provide examples.

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Definitions:

At-Risk

A term indicating exposure to potential loss or damage, often used in financial, health, and safety contexts.

Adjusted Basis

The value of an asset for tax purposes, calculated by modifying the original cost with improvements, depreciation, and other factors.

Passive Activity

An economic activity in which the taxpayer does not materially participate, often referring to certain rental activities or business ventures.

Tax Preference Items

Certain types of income, deductions, or credits that are treated favorably under the tax code to encourage specific activities or investments.