The following items appear on the balance sheet of a company with a one year operating cycle. Identify each item as a curent lablit a long-term lability, or not a liability. tem Classification Cument labty 1 terest payabie (duen 0 day) 2Uneamed revenues (to be eamed over next 3 months) 3 Employne Unon Dues Payable 4 Pension labty to be paid to employees retrng in 2 to 5 years s Wamanty lisbility 6 months of coverage) 6. FICA-Soc Security Taxes Payable 7. FICA-Medicare Taxes Payable 8 Prepsid insurance (6 months of coverage) sSales texes payable 10 Pension lablty do be tuy pad to retired employees in neat 11 months)
The following items appear on the balance sheet of a company with a one year operating cycle. Identify each item as a curent lablit a long-term lability, or not a liability. tem Classification Cument labty 1 terest payabie (duen 0 day) 2Uneamed revenues (to be eamed over next 3 months) 3 Employne Unon Dues Payable 4 Pension labty to be paid to employees retrng in 2 to 5 years s Wamanty lisbility 6 months of coverage) 6. FICA-Soc Security Taxes Payable 7. FICA-Medicare Taxes Payable 8 Prepsid insurance (6 months of coverage) sSales texes payable 10 Pension lablty do be tuy pad to retired employees in neat 11 months)
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
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...
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Transcribed Image Text:The following Iitems appear on the balance sheet of a company with a one year operating cycle. Identity each item as a current labity
a long-term lability, or not a liability.
Hem
Classification
1 rterest payable (due in 90 days)
2Uneamed revenues (to be eamed over next 3 months)
3 Employee Union Dues Paysble
4 Pension labty (to be paid to employees retirng in 2 to 5 years)
Curent labity
5 Wananty lisbility 6 morths of coverage)
6. FICA Socal Security Taxes Payatle
7. FICA-Medicare Taxes Payable
8 Prepaid imsurance (6 months of coverage)
s iSales taxes payable
10 Pension liabilty (to be tuy paid to retired employees in next 11 months)
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