Use the following to answer questions $15$ Reporting Method

A$.$ Current Liability

B$.$ Long term liability

C$.$ Disclosure note only

D$.$ Not reported

Select the correct reporting method for each of the items listed below:

$1.\_\_\_\_\_$ Notes payable due in eleven months.

$2.\_\_\_\_\_$ Commercial paper issued by the company.

$3.\_\_\_\_\_$ A contingent liability that is reasonably possible of occurring and cannot be estimated.

$4.\_\_\_\_\_$ Customers paid for services in advance.

$5.\_\_\_\_\_$ Current portion of long$-$term debt. Use the following to answer questions $610$

On September $1,2024,$ the company borrows $$1,000,000$ cash from the bank to expand operations. The company

signs a $1$ year, $6\%$ promissory note. The company$$s year$-$end is December $31.$

$6.$ How was the loan classified on the company$$s December $31,2024$ balance sheet?

A$.$ Current liability

B$.$ Long term liability

C$.$ Note disclosure only

D$.$ Stockholders$$ Equity

$7.$ How was the loan classified on the company$$s December $31,2024$ statement of cash flow?

A$.$ Operating activity

B$.$ Investing activity

C$.$ Financing activity

D$.$ Not shown on the statement of cash flows

$8.$ $$\_\_\_\_\_\_\_\_\_$ How much interest should be accrued on December $31,2024($assume no previous entry was

recorded for interest on the loan$)?$

$9.$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_$When the note is paid at maturity $($August $31,2025)$ how much cash is paid to the bank?

$10.$ $$\_\_\_\_\_\_\_\_\_$ When the note is paid at maturity in the second accounting year, how much does net income

decrease?