What happens when you default on a car loan where your Title is held as collateral?
A) You damage your credit history but you keep the car.
B) You lose the car and damage your credit history.
C) You face liability under the deficiency payments clause.
D) Only choices B and C are correct.
E) All of the above choices are correct.
Answer: D
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Refer to the following list of liability balances at December 31, 2017 Accounts Payable $22,000 Employee Health Insurance Payable 1,450 Employee Income Tax Payable 400 Estimated Warranty Payable 1,200 Long-Term Notes Payable (Due 2021 ) 37,000 FICA-OASDI Taxes Payable 1,560 Sales Tax Payable 1,270 Mortgage Payable (Due 2022 ) 7,000 Bonds Payable (Due 2023 ) 53,000 Current Portion of Long-Term Notes Payable 7,500 What is the total amount of current liabilities?
A) $35,380 B) $27,880 C) $27,480 D) $26,280
To emphasize different quantities or ideas, use visual choices that
A) are formal. B) create parallelism. C) are simple. D) follow rules of convention. E) contrast.