Question: Question 1 & 2 please. Thank you QUESTION 1 Which of the following statements regarding liabilities is false? A warranty is an example of a

Question 1 & 2 please. Thank you

QUESTION 1 Which of the following statements regarding liabilities is false? A warranty is an example of a contingent liability since the future obligation depends on a future event Notes payable may be characterized as short-term or long-term on the balance sheet. Companies should recognize revenue for the portion of the sale that relates to sales taxes. A current liability is debt that is expected to be paid within a year or the operating cycle, whichever is longer. QUESTION 2 Assume a company issued $600,000 of 3%, 6-year bonds with interest paid annually. The bonds were sold for $588,000 in the market. Which of the following is true regarding these bonds? The stated rate is less than the market rate. The bond was issued at a premium. The company received $600,000 on the date of issuance. The face value of the bonds is $588,000

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