Which of the following is not considered a current liability? The current portion of a noncurrent note payable Unearned Revenue O Accounts Payable O Bonds payable due in 2 years
Q: portion of long-term debt should elect one: a. be reclassified as a current liability. b. be…
A: The liabilities can be classified as current or long term liabilities.
Q: Match (by letter) the correct reporting method for each of the items listed below. Reporting Method…
A: Current liability : Current liabilities are those liability which are due within a year. Long term…
Q: b.bond payable c.two-year note payable
A: Current liabilities are a company's short-term financial commitments due within a year or during a…
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: Problem: A, B and C are solidary debtors to X and Y (solidary creditors) in the amount of…
A: We shall answer the first question since the exact question wasn't specified. Please resubmit anew…
Q: S11-1 Determining current versus long-term liabilities Rios Raft Company had the following…
A: Current liability = The liabilities which need to be paid within one year are current liabilities…
Q: An example of a current liability is a note payable that is due in 8 months. True False
A: Current liability is a liability which is to be settled with in 12 months It is a liability which is…
Q: Determine the correct classification of the following liabilities: (1) Liability with a due…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…
Q: In 2021, XYZ made the mistake of not amortizing the Note Payable Discount account. Indicate the…
A: Income statement forms a part of financial statements and is prepared with a view to ascertain the…
Q: Which of the following statements is true? a. If any portion of a non-current liability is to be…
A: current liability - liabilities that are to be paid within one year are current liabilities.…
Q: TRUE OR FALSE? A financial liability that is due within one year after the reporting period shall be…
A: The current liability is to be settled or paid within one year and long-term liabilities are those…
Q: On November 1, Mead borrowed from Miller, giving him a $6,000, 3 month, 9% note, interest payable at…
A: b. $ 90
Q: Multiple Company had the following liabilities on December 31, 2021. How much should be reported as…
A: Current liabilities are those short-term liability which is paid within the duration of one year. It…
Q: All of the following are reported as current liabilities except:a. interest payable.b. bonds payable…
A: Current Liabilities are those liabilities or obligations which are due or to be paid in 12 months.…
Q: revenue has been recognized in 2021 in connection with the loan. What is the loan impairment loss on…
A: Impairment means a sudden reduction in the asset value that a company has which can be fixed or…
Q: Which of the following is most likely to be classified and reported as current liability? a. Bond…
A: The liabilities that are payable within one year are classified as current liabilities. It includes…
Q: lowing is not considered a current liability? a. Accounts Payable b. Unearned Revenue c. the…
A: There are three types of main components of a firm's balance sheet: 1)Owner's equity, 2) Liabilities…
Q: Current liabilities are due a.but not payable for more than one year b.and receivable within one…
A: Current liabilities means the liabilities which will be paid with in short period of time , one year…
Q: On December 31, 2021, what total amount should be reported as current liabilities? a.) 1,066,000…
A: Calculation of Current Liabilities Current liabilities = Accrued Liabilities expense + Unearned…
Q: elmuth maintains a provision for doubtful debts of 4% of ach financial year. s debtors owed N$2 800…
A: Accounting is a medium of communication, like any language that we use. For example, two people can…
Q: A debtor firm’s 12/31/21 statement of financial position is to be issued of 4/15/22. A long-term…
A: Here discuss about the debt obligation and its determination whether current liability or the non…
Q: On 9/1, the Knight's Stop issues a new the previous year. The new part was is: On 9/1, Knight's Stop…
A: Warranty are provided to customers and warranty are laibilties of customers to company for warranty…
Q: 17-Which of the following is a contra-liability account? a. Accumulated Amortization b. Taxes…
A: Conntra liability account are those liabilities where the balance is debit balance.
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: Which of the following accounts could not be classified as a current liability? Multiple Choice…
A: Current liabilities are those liabilities that are due within one year or within a normal operating…
Q: Your answer is incorrect. If Bridgeport refinances the obligation by issuing a long-term note on…
A: Liabilities are the debts owed by the corporation to third parties. It is a legal duty imposed on a…
Q: Entity A received a 12%, ₱200,000, one-year, note receivable on October 1, 20x1. Entity A uses a…
A: Note receivable- It is type of financial instrument which is given to the entity at a fixed rate of…
Q: Where is debt callable by the creditor reported on the debtor's financial statements? a) Long term…
A: Definition: Current liabilities: The obligations owed by a company to creditors and suppliers and…
Q: The account "Warranty Liability": Multiple Choice a)has a year-end credit balance equal to the…
A: A warranty liability is a liability account in which a company notes the amount of the repair or…
Q: Problem: A, B and C are solidary debtors to X and Y (solidary creditors) in the amount of…
A: Solidary: Its an obligation and any two or more is held liable for the entire performance.
Q: Maridell’s Fashions has a debt that has been properly reported as a long-term liabilityup to the…
A: Answer: Option c.
Q: Which of the following is not a characteristic of a short-term note payable? Payment is due in less…
A:
Q: Rios Raft Company had the following liabilities. Determine whether each liability would be…
A: Current liability: Liabilities which have to be paid with in next one year from the date of the…
Q: Which of the following would appear on the balance sheet as a current liability? Group of answer…
A: Current liabilities are short term financial obligation which are due in normal operating cycle.
Q: On July 8, Jones Inc. issued an $69,300, 6%, 120-day note payable to Miller Company. Assume that the…
A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…
Q: Entity A received a 12% P200,000, one-year, note receivable on October 1, 2001. Entity A uses a…
A: Accrued interest is the amount of interest which is being earned by the business, but not yet…
Q: 12. On July 1 of the current year, an entity received a one-year note receivable bearing interest at…
A: The accrued interest is the interest earned but not received yet.
Q: 3. What should be reported as noncurrent liability from this transaction at December 31, 2021 after…
A: Note payable is the payable which a company is having which must have to be repaid by the company to…
Q: Which of the following terms does not refer to the amount that is paid by the note issuer to the…
A:
Q: Assume that the business has received notification on 15 April 2020 that a debtor owing $1,850 has…
A: The company which follows direct write off method records bad debts by debiting bad debts expense…
Q: Determine the correct classification of the following liabilities: (1) Liability due in 6…
A: Current Liabilities are the liabilities which are due within 1 year. Non Current Liabilities are the…
Q: Which of the following is not considered a current liability?A. Accounts PayableB. Unearned…
A: Liabilities - Liabilities are divided into Current Liabilities and Long term Liabilities. Current…
Q: Statement I- A long-term debt that is due to be settled within twelve months after the end of the…
A: Following is the answer to the given question
Q: Required Record the correcting entry in 2021, ignoring income taxes. Company policy is to amortize…
A: On June 30, 2020, Williams Inc has issued 8 years bonds with the face value of $ 5,00,000 at 5%…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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 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 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]…
- Which of the following items is most likely a short-term liability?a. Deferred income taxesb. Finance lease covering 30-year termc. Bonds payabled. Accounts payableOn 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 payableconsider 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
- 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.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.TRUE OR FALSE? (Based on the book) A financial liability that is due within one year after the reporting period shall be classified as current when it is refinanced on a long-term basis after the end of the reporting period.
- The account "Warranty Liability": Multiple Choice a)has a year-end credit balance equal to the cost of warranty repairs made during the year. b)is closed at the end of the year. c)is credited each time a warranty repair is made. d)is adjusted at the end of the year.Consider the descriptions of the following accounts and determine if each account is a current liability, a noncurrent liability, or neither. 1. cash [ Select one ] a. current liability b. noncurrent liability c. neither 2. note payable due in four years [ Select one ] a. current liability b. noncurrent liability c. neither 3. interest expense [ Select one ] a. current liability b. noncurrent liability c. neither 4. state income tax [ Select one] a. current liability b. noncurrent liability c. neither 5. allowance for warranty expense [ Select one] a. current liability b. noncurrent liability c. neither 6. warranty liability [ Select one ] a. current liability b. noncurrent liability c. neither 7. unearned fee revenue [ Select one] a. current liability b. noncurrent liability c. neitherTRUE OR FALSE?A financial liability that is due within one year after the reporting period shall be classified as current when is refinanced on a long-term basis after the end of the reporting period.
