Answered: Which of the following is not a…

Which of the following is not a liability?a. Income taxes payableb. Accrued warranties payablec. Accrued vacation payd. Allowance for bad debts

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10MC: What accounts are used to record a contingent warranty liability that is probable and estimable but...

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Question

Which of the following is not a liability?
a. Income taxes payable
b. Accrued warranties payable
c. Accrued vacation pay
d. Allowance for bad debts

Definition Definition Receivable amount that a company is owed, but did not receive, and which may not be receivable in future.

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Define Allowance for Bad Debts