Cali, Inc., had a $4,000,000 note payable due on March 15, 20x6. On January 28, 20x6, before the issuance of its 20x5 financial statements, Cali issued long-term bonds in the amount of $4,500,000. Proceeds from the bonds were used to repay the note when it came due.
How should Cali classify the note in its December 31, 20x5, financial statements?

a) As a current liability, with separate disclosure of the note refinancing.

b) As a current liability, with no separate disclosure required.

c) As a noncurrent liability, with separate disclosure of the note refinancing

d) As a noncurrent liability, with no separate disclosure required

Trinity coatings company uses the indirect method to prepare its statement of cash flows. refer to the following information for 2018: the beginning balance in the cash account was $ 3 comma 000. net cash provided by operating activities: $ 42 comma 000 net cash used for investing activities: $(26 comma 500) net cash provided by financing activities: $ 1 comma 700 the statement of cash flows will show

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.

Paying attention to the purpose of her speech, which questions can she eliminate? a. 1 and 2 b. 3 c. 2 and 4 d. 1-4