Answered: Obligations payable within one year or…

Obligations payable within one year or one operating cycle, whichever is longer, are; Select one: a. Long-term Liabilities b. Short-term investments c. Long-term Note Payable d. Current Liabilities

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 2MCQ

See similar textbooks

Related questions

Q: What is current Liability Select one: O a. A debt that the company expects to pay After one year O…

A: SOLUTION- CURRENT LIABILITY- CURRENT LIABILITIES ARE THE COMPANY SHORT TERM FINANCIAL OBLIGATIONS…

Q: Assuming a 360-day year, when a $11,918, 90-day, 10% interest-bearing note payable matures, total…

A: A note payable is a written promissory note. Under this agreement, a borrower borrows a specific…

Q: Liabilities are probable future payments of assets or services that past transactions or events…

A: How much to pay is the situation where the time to pay off the obligation and creditor are…

Q: Debt due within one year is considered: A . current.

A: Debt due within one year is considered

Q: Which of the following will be classified as a current liability? O a. Two-year noțes payable Ob.…

A: Please find the answer to the above question below:

Q: Assuming the investment is appropriately recognized as financial assets at amortized cost: How much…

A: A bond is a kind of debt financial instrument that is being issued by corporations and the…

Q: A debt of P350,000 is to be amortized by 6 equal semi-annual payments with interest at 6% compounded…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: An amortization of a debt is in a form of a gradient series of ₱5,000 on the first year, ₱4,500 on…

A: The gradient series are: ₱5,000 on the first year ₱4,500 on the second year ₱4,000 on the third year…

Q: portion of the equipment purchase. It w al end-of-year payments (see loan deta Payment FoY

A: For calculation of before tax cash flows, depreciation shall not be deducted because it is a non…

Q: Given the annual interest rate and a line of an amortization schedule for that the next line of the…

A: An amortization schedule is a schedule that shows the interest paid, annuity paid, and the repayment…

Q: Which of the following items is most likely a short-term liability? Select one: a. Finance lease…

A: Answer is option c) Accounts payable

Q: Debts listed as current liabilities are those that a.are due to be paid in more than one year…

A: Debts is refers to the particular sum of money that is being borrowed by one party from another…

Q: The term of the note stated maker as a fraction of a year. The principal of the note plus interest.…

A: Introduction: Interest amount: Interest amount is calculated on Principal amount with interest rate.

Q: Current liabilities a. May include contingent liabilities.b. Include obligations payable within one…

A: Liabilities are of 2 types, namely current liabilities and long term liabilities.

Q: Consider an FRA that: Expires/settles in 30 days. Is based on a notional principal amount of $1…

A: FRA refers to Forward rate agreement and is an interest rate derivative. FRA refers to an agreement…

Q: long-term liabilities

A: It is pertinent to note that a liability is an obligation the settlement of which require the…

Q: Assuming a 360-day year, when a $15,586, 90-day, 7% interest-bearing note payable matures, total…

A: 15586 + 15586*90/360*7% = 15859

Q: FIND THE MONTHLY AMORTIZATION(A) FOR PERIOD 1, THE INTEREST(B) FOR PERIOD 5, THE PRINCIPAL(C) FOR…

A: Loan amount = Price of the house - down payment = 2,200,000 - 15% of 2,200,000 = 2,200,000 -…

Q: From page 8-1 of the VLN, what makes a liability a current liability? O It matures more than a year,…

A: Current liabilities are the liabilities that needs to be settle in cash within a Financial year.…

Q: The debt is amortized by equal payments made at the end of each payment interval. Compute (a) the…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The portion of the payment that is applied to interest in year 1-4 is

A: Simple interest is a method of calculating the charge on a loan. Simple interest is calculated for…

Q: Current liabilities are: Oa. due but not payable for more than one year. Ob. due but not receivable…

A: Current liabilities are all those that are payable within one year such as accounts payable, notes…

Q: Current liabilities are obligations whose liquidation is reasonably expected to require the use of…

A: Liabilities: Liabilities are the obligation of the business or amount payable by the business.…

Q: Which of the following items is most likely a short-term liability?a. Deferred income taxesb.…

A: Short term liability means liabilities which are to paid in within next year or within the time of…

Q: Long-term liabilities are obligations due for a period of time greater than one year. Select one: O…

A: Long term liabilities are financial obligations that will be due beyond a year . In others words…

Q: How would the carrying value on the amortization table will be computed when an interest-bearing…

A: The carrying value on the amortization table will be computed when an interest-bearing note…

Q: True

A: A non current liability refers to the financial obligation of a company that are not expected to be…

Q: Accounting Ordinary annuities assume that the first payment is made at the end of each year. In a…

A: Ordinary annuities refers to the series of equal amounted payments which are made at the end of…

Q: Calculate the present value (principal) and the compound interest (in $). Use Table 11-2. Round your…

A: The present value is calculated as the compound amount multiplied by the present value factor.

Q: A current liability is a debt that can reasonably be expected to be paid Select one: a. between 6…

A: Current Liabilities are short term liabilities.

Q: What are liabilities that will be due within a short time (usually one year or less) and that are to…

A: Today we are going to discuss the three primary types of liabilities which include: short-term…

Q: Give a numerical example of: Current liabilities. Long-term liabilities

A: Introduction: Current liability: These also called as short term liabilities. Liabilities which are…

Q: See the attached photo for the problem Required: a. Compute the total current liabilities on…

A: Current Liabilities Current Liabilities of the business which can be determined by within one year…

Q: The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to…

A: According to the time value of money concept, an amount of money has two different purchasing power…

Q: A long-term contract under which a borrower agrees to make payments of interest and principal on…

A: Introduction: Common stock: Splitting of capital in to number of shares called as common stock.…

Q: Under what conditions is the current portion of long-term debt reported as current debt? to. If it…

A: Working capital is the excess of current assets over current liabilities.

Q: The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to…

A: The term debt represents a loan amount borrowed by someone at a financial interest rate from another…

Q: Current liabilities are a.payable if a possible subsequent event occurs b.due, but not payable for…

A: The current liabilities indicate the short-term obligations of the corporation resulting from…

Q: debt of P3,500 is to be amortized by 6 equal semiannual payments with interest at 6%compounded…

A: In this we have to calculate the present value factor and calculate the semiannual payment.

Q: Find the periodic payment R required to amortie a loan of P doliars over t years with interest…

A: solution given P 30000 R 2 T 19 M 12

Q: From the following list indicate which of the liabilities that would be classified as current. a.…

A: As per the relevant IFRS, while preparing the Statement of Financial Position, it is compulsory to…

Q: A short-term note payable is a written promise to pay a specified amount on a definite future date…

A: Current liability: It implies to the short term obligations of the business, to be repaid generally…

Q: Calculate the present value (principal) and the compound interest (in $). Use Table 11-2. Round your…

A: Given Information: Compound Amount = $18,500 Term of investment = 18 months Rate of interest = 4%

Q: Length of loan (in years) a. Setting up amortization table Calculation of loan payment Formula #N/A…

A: Amortization Schedule: It is a table representing the periodic payments on a loan. The table…

Q: Accounts payable, in general, is classified as current when and only: O When it is expected to be…

A: When the business has an operating cycle different than one year, assets and liabilities are…

Concept explainers

Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.

Question

Obligations payable within one year or one operating cycle, whichever is longer, are;

Select one:

a. Long-term Liabilities

b. Short-term investments

c. Long-term Note Payable

d. Current Liabilities

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

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What are liabilities that usually will be due in more than one year called? Group of answer choices long-term liabilities revenue liabilities investment liabilities current liabilities
What are liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets called? Group of answer choices equity liabilities current liabilities fixed liabilities contra liabilities
Current liabilities are a.payable if a possible subsequent event occurs b.due, but not payable for more than one year c.due and receivable within one year d.due and to be paid out of current assets within one year
Debt due within one year is considered: A . current.
What is the current portion of long-term liabilities reported in each year and for what type of liabilities?
All payables that require payments at a future determinable date are subject to present value techniques except which of the following specifically excluded types? Security deposits or progress payments under construction contracts Short-term debt refinanced in the current year on a long-term basis Regular accounts payable due after one year Bond interest and principal payments due after one year
Current liabilities are due a.but not payable for more than one year b.and receivable within one year c.but not receivable for more than one year d.and payable within one year
Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Note payable maturing in 2 years.
Accounts payable, in general, is classified as current when and only: When it is expected to be settled within the operating cycle or one year, whichever is longer When it is expected to be settled within the operating cycle. When it is expected to be settled within the operating cycle or one year, whichever is shorter. When it is expected to be settled within one year.
Current liabilities are expected to be paid within one year or the operating cycle, whichever is shorter. True False
Refering from the below tables What is the current portion of long-term liabilities reported and for what type of liabilities? Non-current liabilities Long term financing 6,728,738,161 Deferred liabilities 491,518,519 Long term payables - Current liabilities Trade and other payable 2,525,6236,858 Accrued interest 124,294,821 Short term borrowing 4,657,389,209 Current position of long-term payable 457,090,780 Current position of long-term Financing 1,628,822,242 Provision for taxation 238,198,131
Question 10 Obligations that are not expected to require the use of current assets or the creation of other current liabilities within one year or the normal operating cycle, if longer than a year, are called other liabilities current liabilities long-term liabilities contingent liabilities