why the following are False: 1. A current liability must be paid out of current earnings. 2.If any..

why the following are False: 1. A current liability must be paid out of current earnings. 2.If any portion of a long-term debt is to be paid in the next year, the entire debt should be classified as a current liability. 8. A note payable must always be paid before an account payable. 10.Most notes are not interest bearing. 11.With an interest-bearing note, the amount of cash received upon issuance of the note generally exceeds the note's face value. 12.Interest expense on a note payable is only recorded at maturity. 13.Current maturities of long-term debt refers to the amount
why the following are False: 1. A current liability must be paid out of current earnings. 2.If any portion of a long-term debt is to be paid in the next year, the entire debt should be classified as a current liability. 8. A note payable must always be paid before an account payable. 10.Most notes are not interest bearing. 11.With an interest-bearing note, the amount of cash received upon issuance of the note generally exceeds the note's face value. 12.Interest expense on a note payable is only recorded at maturity. 13.Current maturities of long-term debt refers to the amount of interest on a note payable that must be paid in the current year. 14.Unearned revenues should be classified as Other Revenues and Gains on the income statement. 15.The higher the sales tax rate, the more profit a retailer can earn. 18.During the month, a company sells goods for a total of $106,000, which includes sales taxes of $6,000; therefore, the company should recognize $100,000 in Sales Revenue and $6,000 in Sales Tax Expense.

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