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15.

Janson Corporation Co.'s trial balance included the following account balances as of December 31, 2022:

Accounts receivable	$12,000
Inventories	40,000
Patent	12,000
Investments	30,000
Prepaid insurance	6,000
Note receivable, due 2025	50,000

Investments consist of treasury bills that were purchased in November 2022 and mature in January 2023. Prepaid insurance is for two years. What amount should be included in the current asset section of Janson's December 31, 2022 statement of financial position?

A.

$88,000

B.

$85,000

C.

$55,000

D.

$135,000

18.

Janson Corporation Co.'s trial balance included the following account balances as of December 31, 2022:

Accounts payable	$25,000
Bond payable, due 2031	22,000
Salaries payable	16,000
Note payable, due 2023	20,000
Note payable, due 2027	40,000

What amount should be included in the current liabilities section of Janson's December 31, 2022, statement of financial position?

A.

$63,000

B.

$41,000

C.

$61,000

D.

$101,000

20.

Which of the following would be disclosed in the summary of significant accounting policies disclosure note?

	Composition of Noncurrent Debt	Depreciation Method
a.	No	Yes
b.	Yes	No
c.	Yes	Yes
d.	No	No

A.

Option a

B.

Option b

C.

Option c

D.

Option d

16.

Provincial Ltd reported the following before-tax statement of profit or loss items:

Operating profit	$600,000
Loss on discontinued operations	100,000

Provincial has a 30% income tax rate. Provincial would report the following amount of income tax expense as a separately stated line item in the statement of profit or loss: ______.

A.

$198,000

B.

$180,000

C.

$168,000

D.

$150,000

16.

Provincial Ltd reported the following before-tax statement of profit or loss items:

Operating profit	$600,000
Loss on discontinued operations	100,000

Provincial has a 30% income tax rate. Provincial would report the following amount of income tax expense as a separately stated line item in the statement of profit or loss: ______.

A.

$198,000

B.

$180,000

C.

$168,000

D.

$150,000