Which of the following is not considered a current liability?A. Accounts PayableB. Unearned RevenueC. the component of a twenty-year note payable due in year 20D. current portion of a noncurrent note payable
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Which of the following is not considered a current liability?
A. Accounts Payable
B. Unearned Revenue
C. the component of a twenty-year note payable due in year 20
D. current portion of a noncurrent note payable
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- Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income taxWhich of the following is not a characteristic of a short-term note payable? A. Payment is due in less than a year. B. It bears interest. C. It can result from an accounts payable conversion. D. It is reported on the balance sheet under noncurrent liabilities.Which of the following statements is true? a. If any portion of a non-current liability is to be paid in the next year, the entire debt should be classified as a current liability. b. "Current maturities of non-current debt” refers to the amount of interest on notes payable that must be paid in the current year. c. Even though current and non-current debt must be shown separately on the statement of financial position, it is not necessary to prepare a journal entry to recognize this. d. A non- current liability is an obligation that is expected to be paid within one year.
- consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. a. cash b. federal income tax payable this year c. long-term note payable d. current portion of a long-term noteWhich of the following items is most likely a short-term liability?a. Deferred income taxesb. Finance lease covering 30-year termc. Bonds payabled. Accounts payableConsider the descriptions of the following accounts and determine if each account is a current liability, a noncurrent liability, or neither. 1. federal income tax payable this year [ Select one] a. current liability b. noncurrent liability c. neither 2. long-term note payable [ Select one] a. current liability b. noncurrent liability c. neither 3. current portion of a long-term note payable [ Select one] a. current liability b. noncurrent liability c. neither 4. cash [ Select one ] a. current liability b. noncurrent liability c. neither 5. note payable due in four years [ Select one ] a. current liability b. noncurrent liability c. neither 6. interest expense [ Select one ] a. current liability b. noncurrent liability c. neither 7. state income tax [ Select one] a. current liability b. noncurrent liability c. neither 8. allowance for warranty expense [ Select one]…
- Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. Cash B. Federal income tax payable this year C. Long-term note payable D. Current portion of a long-term note payable E. Note Payable due in four years F. Interest Expense G. State income taxOn October 1, 2020, an entity borrowed cash and signed a three-year interest bearing note on which both the principal and interest are payable on October 1, 2023. On December 31, 2021, accrued interest payable should A. not be reported as a liabilityB. be reported as current liabilityC. be reported as noncurrent liabilityD. be reported as part of noncurrent note payable9. Which of the following items would be excluded from current liabilities? Group of answer choices a. Normal accounts payable which had been assigned by the creditor to a finance company. b. Long-term debt callable within one year or less because the debtor violated a debt provision. c. A short-term debt which at the discretion of the entity can be rolled over at least twelve months after the balance sheet date. d. A long-term liability callable or due on demand by the creditor even though the creditor have given no indication that the debt will be called.
- Match (by letter) the correct reporting method for each of the items listed below. Reporting MethodC. Current liabilityL. Long-term liabilityD. Disclosure note onlyN. Not reported Item_____ 1. Accounts payable._____ 2. A contingent liability that is probable of occurring within the next year and can be estimated._____ 3. A contingent liability that is reasonably possible of occurring within the next year and can be estimated._____ 4. Current portion of long-term debt._____ 5. Sales tax collected from customers._____ 6. Notes payable due in two years._____ 7. Customer advances._____ 8. Commercial paper._____ 9. Unused line of credit._____ 10. A contingent liability that is probable of occurring within the next year but cannot be estimated.Match (by letter) the correct reporting method for each of the items listed below. Reporting Method C = Current liability L = Long-term liability D = Disclosure note only N = Not reported Item _________1. Accounts payable. _________2. Current portion of long-term debt. _________3. Sales tax collected from customers. _________4. Notes payable due next year. _________5. Notes payable due in two years. _________6. Advance payments from customers. _________7. Commercial paper. _________8. Unused line of credit. _________9. A contingent liability with a probable likelihood of occurring within the next year and can be estimated. _________10. A contingent liability with a reasonably possible likelihood of occurring within the next year and can be estimated.Answer this please. Accounting question. If the collection of the note receivable is not reasonably assured, what is the gross profit to be recognized by the entity for the year ended December 31, 2020 in relation to the initial franchise fee?A. 60,028 C. 56,009B. 54,236 D. 45,037
