A current liability is a debt that a company could pay

		from existing current assets.
		through the creation of other current liabilities.
		within one year from the balance sheet date.
		all of the above.

Entity D sold 1,800 season football tickets (at $100 each) for its pay-for-view 5-game home schedule. Entity D debited Cash and credited Unearned Revenue. After the first game, what entry should Entity D make?

		Dr. Unearned Revenue 36,000 Cr. Revenue 36,000
		Dr. Unearned revenue 18,000 Cr. Revenue 18,000
		Dr. Revenue 180,000 Cr. Unearned revenue 180,000
		Dr. Unearned revenue 36,000 Cr. Cash 36,000

Dividends in arrears on cumulative preferred stock

		should be disclosed in the notes to the financial statements.
		never have to be paid, even if common dividends are paid.
		enable the preferred stockholders to share equally in corporate earnings with the common stockholders.
		should be recorded as a current liability until they are paid.