McGraw Hill Connect Financial Accounting answers
File:/home/cfuser/f139a98c4c0c70999acfb396769db62eb045.xlsx CHAPTER 11 - QUIZ - SOLUTIONS $700, 000.00 $800, 000.00 $900, 000.00 $1, 000, 000.00 Nothing. Disclose in a note to the financial statements. Total Note Payable - Current Year Payment = Long Term Notes Payable $800, 000 - $100, 000 = $700, 000 2) Known liabilities: Have definite due dates. Are set by agreements, contracts, or laws. Are measurable. Have a known payee. All of these answers are correct. 3) A combined GST and PST rate of 12% applied to taxable supplies is called: Zero-rated tax. Harmonized Sales Tax. Input Tax Credit. Combined Sales Tax. None of these answers is correct. 4) Payroll liabilities for current employees are: Contingent liabilities. Estimated liabilities. Can be either current or long-term depending on when workers retire. Current liabilities. 5) Short-term notes payable: Can replace an account payable. Usually represent money borrowed from a bank. Are usually interest bearing.