All of the below are liabilities except: Group of answer choices Amounts owed to employees for work performed Amounts owed to suppliers for purchases of inventory by the company Amounts owed by customers for goods sold to them Work paid for by customers but not yet done

All of the below are liabilities except: Group of answer choices Amounts owed to employees for work performed Amounts owed to suppliers for purchases of inventory by the company Amounts owed by customers for goods sold to them Work paid for by customers but not yet done

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 10MC

See similar textbooks

Related questions

Q: Which of the following statements are true? а. Revenue should be generally recognized when the…

A: According to the accrual basis of accounting, revenue is recognized when the performance is made.

Q: The liability created by a business when it purchases Materials from its suppliers on credit is…

A: Journal entry passed on purchase of material on account: Date Accounts Debit Credit Inventory…

Q: when a company receives a deposit from a customer to protect itself against nonpayment for future…

A: Revenue is the amount of money created by typical business operations and is determined by…

Q: The liability created by a business owner when purchasing an asset like office supplies or equipment…

A: The liabilities are the amount due to be paid to the creditors or suppliers of the business.

Q: If a company purchases inventory on account, what type of accounts are affected? (i.e., assets.…

A: Inventory :- It is raw materials , work in progress , finished goods, which is used to produce…

Q: Which statement is false? a. The amount of Accounts Receivable pledged should be excluded from…

A: Accounts receivables:-Accounts receivables includes the balance which is due to firm on the goods…

Q: A credit memorandum is prepared when * an employee does a good job goods are sold on credit O goods…

A: Solution: A credit memorandum is prepared when "goods that were sold on credit are returned".

Q: Estimated liabilities are disclosed in financial statements by: A. footnote to the financial…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which of the following items is an example of general unsecured creditors? Group of answer choices…

A: The unsecured creditors are the one who do not have any right over the assets of the business in…

Q: 2. Which is a valid statement regarding recognition of liabilities? * a. A non-interest bearing note…

A: Liability means the amount which is to be paid to an outsider by business. It is the present…

Q: Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current…

A: Accrued liabilities are also known as outstanding liabilities. It means those liabilities which are…

Q: 31-Which of the following would normally be classified as a Selling expense of Merchandising…

A: 31. d. Advertising expense

Q: Companies that sell inventory on the account have bad debts to deal with. Explain how we can…

A: Meaning of Bad Debts: Bad debts expense is related to a company's current asset accounts receivable.…

Q: Accounts receivable are best described as a. Liabilities of the company that represent the amount…

Q: s is true? a. When a company uses a subsidiary ledger, the balance in the control account, Accounts…

A: The correct answer is (C) c. The balance in the control account, Accounts Receivable, should be…

Q: .Account titles of liabilities often include the term “payable.” b.Liabilities are debts owed to…

A: Liabilities-: A liability is the sum of the amount or a thing that a person or corporation owes,…

Q: Which of the following statements is false?(a) Receivables include equity securities purchased by…

A: Receivables refers to the amounts to be received within a short period from customers upon the sale…

Q: How can you discuss the need for liquidity to conduct business for a parts store to someone that…

A: Liquidity is a measurement of ability to pay it's short term obligations which are due within one…

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: Accounts receivable is the amount payable by the customer to the company for the goods delivered and…

A: Bad debts are considered to be estimated based on 2.5% of total credit sales. Therefore, the bad…

Q: The accounts related to the revenue cycle include all of the following except: A.…

A: Revenue cycle generally consist of 1.order received from the customer 2. process customer order…

Q: Sales Returns and Allowances is increased when an employee does a good job. goods are sold on…

A: Introduction Allowance is a defined amount of financial or monetary advantage provided by the…

Q: When a company uses the allowance method of accounting for uncollectible receivables, the entry to…

A: Introduction: journals: Recording of a business transactions in a chronological order. First step in…

Q: Which of the following is a liability created when a company receives cash for services to be…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: A small business in which credit sales fluctuate greatly from year to year uses the direct write-off…

Q: The Days Sales Outstanding is important in determining the no. of days the suppliers are willing to…

A: The Days Sales Outstanding is a measure of the average number of days it takes credit sales to be…

Q: All else equal, when a firm purchases raw material on credit from its supplier, which of the…

A: Accounts payable is a liability reported in the balance sheet of the company. Whereas, accounts…

Q: A company regularly purchases materials from a manufacturer on credit. Payments for thesepurchases…

A: Current liabilities are those dues and obligations which needs to be settled by the business in…

Q: When a business owner sells merchandise to or provides a service for a customer on account instead…

A: Sales: Sales is the contract between the buyer and the seller, where the agreement is made to…

Q: Q20. Which of the following will not be recorded in the book of an Account: а. Purchase of Goods O…

A: The books of an account include the journal book and the ledger book. The transactions are first of…

Q: When a company has a policy of making sales for which credit is extended, it is reasonable to expect…

A: Lets start with basic understanding. When business makes credit sales then there is chances that…

Q: Which of the following statements is most likely to be correct? Bad debts recovered account, if…

A: The company will maintain a book called journal where all the transactions will be recorded. From…

Q: The following items are recorded in the general journal, except Select one: A. Purchase of…

A: >Journal entries are the first accounting treatment that is given to a transaction, where in the…

Q: In accounting for revenue recognition under ASC Topic 606, revenue can be recognized before a…

A: Solution: In accounting for revenue recognition under ASC Topic 606, revenue can be recognized…

Q: IDENTIFY THE EFFECT OF THE FOLLOWING TRANSACTION TO THE RISK OF MATERIAL MISSTATEMENT TO FINANCIAL…

A: Material misstatements are errors or frauds that are being made in the financial statements to show…

Q: Which of the following statements regarding liabilities is false? Multiple Choice A liability…

A: A liability is a present obligation due to past transactions & events for making payment in…

Q: In the following liabilities, the payee is known, however, the amount may have to be estimated.…

A: provision should be created for all the certain liabilities

Q: manufacturer of household appliances has potential costs due to the discovery of a defect in one of…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Give journal entries for the following , when Stock and Debtors Method is used- ( ANY ( FOUR a ) For…

A: When stock and debtors method is used- Journal entry (A) for goods sent to branch. Branch stock a/c…

Q: Sales taxes collected by a retailer are reported as revenues. current liabilities. expenses.…

A: Introduction: A sales tax is a consumption tax imposed by the government on the selling of goods and…

Q: t is an amount owed to suppliers for goods purchased or services performed on credit. a. Outstanding…

A: Account payables means the amount owed by business to outsider for the goods received and services…

Question

All of the below are liabilities except:

Group of answer choices

Amounts owed to employees for work performed

Amounts owed to suppliers for purchases of inventory by the company

Amounts owed by customers for goods sold to them

Work paid for by customers but not yet done

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Which of the following statements are true regarding supplies used on the job by an employee that the company will not reimburse? A. An employee cannot incur ordinary and necessary business expenses because a job isn't considered a business. B. An employee may not have to report income when the company reimburses her/his expenses incurred for the company. C. An employee can incur ordinary and necessary business expenses but they are not currently deductible even if the employee itemizes. D. Both B and C.
Before paying an invoice for goods received on account, the controller or treasurershould ensure thata. the company is paying for the goods it actually received.b. the company is paying for the goods it ordered.c. the company has not already paid this invoice.d. all of the above.
Which is exempt from VAT? A. Salaries of rank and file employees B. Revenue from lawyering services C. Gross sales of merchandising businesses D. Answer is not given.
Accounts receivable are best described as a. Liabilities of the company that represent the amount owed to suppliers. b. Amounts that have previously been received from customers. c. Assets of the company representing the amount owed by customers. d. Amounts that have previously been paid to suppliers.
Which of the following situations may give rise to unearned revenue? Select one: a. Providing trade credit to customers. b. Selling inventory. c. Providing manufacturer warranties. d. Selling magazine subscriptions.
The following items represent various types of liabilities. Identify if the following independent situations should be (a) recorded in the financial statements, (b) disclosed in a footnote in the financial statements, or (c) neither. ______ 1. A manufacturing company is sued for alleged product liability. The company’s attorney does not feel that the suit will result in liability to the company, but a loss is possible. If adversely adjudicated, the liability would be material. ______ 2. Alpha has sold products to Sparkle Jewelers, a retailer that sold the products to customers. The manufacturer’s warranty offers replacement of the product if it is found to be defective within 90 days of the sale to the consumer. Historically, 0.06% of the products are returned for replacement. ______ 3. A customer has filed a lawsuit for a minor amount against Sparkle Jewelers. Sparkle’s attorneys have reviewed the case and have found that many similar cases have never been awarded to the plaintiff.
Which is a valid statement regarding recognition of liabilities? a. A non-interest bearing note is initially recognized at face value. b. A provision should not be recognized for future operating losses. c. For accumulating compensated absences, an entity should recognize the expense and related liability during the period the absences are incurred by the employees. d. The estimated future costs of supplying awards for customer loyalty program shall be recognized as an expense in the period the award credits are availed of by customers.
When a company uses LIFO for external reporting purposes FIFO for internal reporting pusposes, an Allowance to Reduce Inventory to LIFO account is used. This account should be reported? A) on the income statement in the other Revenue and gains section. B) on the income statement in the cost of goods sold section. C) on the income statement in the other Expenses and losses section. D) on the balance sheet in the current asset section.
A company regularly purchases materials from a manufacturer on credit. Payments for thesepurchases occur within the company’s operating cycle. They do not include interest and are established withan invoice outlining purchase details, credit terms, and shipping charges. Which current liability situation doesthis best describe?A. sales tax payableB. accounts payableC. unearned revenueD. income taxes payable
Companies that sell inventory on the account have bad debts to deal with. Explain how we can account for Bad Debts Expense and comply with GAAP requirements.
Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current amounts owed to suppliers of inventory.c. Expenses incurred, but not paid at the end of theaccounting period.d. Revenues that have been collected but not earned
Consider each of the following independent situations. Should a company report the goods in its inventory? (a) Goods purchased by the company with shipping terms FOB shipping point that are in transit at the end of the year (b) Goods received by the company on consignment (c) An estimate of the amount of goods sold by the company that it expects the buyer to return (d) Goods required to be purchased by the company under an unconditional purchase obligation