31. Carson Campbell is hired by Forest Associates at a salary of $5,000 per month. He is shocked when his first monthly paycheck is only $3,950. Explain to Carson some of the factors that may have...

31. Carson Campbell is hired by Forest Associates at a salary of $5,000 per month. He is shocked when his first monthly paycheck is only $3,950. Explain to Carson some of the factors that may have contributed to the difference.

32. How does a classified balance sheet enhance the usefulness of accounting information?

33. Creditors are primary users of financial statements. What ratio based on a classified balance sheet can be used by creditors to evaluate a company's liquidity? How is this ratio calculated?

34. How is the current ratio calculated, and what is its significance in the analysis of financial statement information?

35. How is the carrying value of a discount note payable computed?

36. What type of account is Discount on Notes Payable, and is the normal balance a debit or credit?