A classified balance sheet is one that distinguishes between operating and non-operating assets.
22.A classified balance sheet is necessary for calculating a company's current ratio.
23.The current ratio is a measure of a company's liquidity.
24.A company with a high current ratio should be concerned that it is not maximizing its earnings potential.
25.The current ratio is calculated, total current assets divided by total assets.
26.On October 1, 2012, Haywood Company borrowed money by issuing a $12,000 face value discount note to its bank. The note had an 8% discount rate and had a term of 1 year. The amount of cash that Haywood received on that date was $12,000.
27.On October 1, 2012, Haywood Company borrowed money by issuing a $12,000 face value discount note to its bank. The note had an 8% discount rate and had a term of 1 year. On December 31, 2012, Haywood should accrue interest expense in the amount of $240.
28.On October 1, 2012, Haywood Company borrowed money by issuing a $12,000 face value discount note to its bank. The note had an 8% discount rate and had a term of 1 year. On that date, Haywood recorded a Discount on Notes Payable in the amount of $960.
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