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 payable
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Which of the following items is most likely a short-term liability?
a. Deferred income taxes
b. Finance lease covering 30-year term
c. Bonds payable
d. Accounts payable
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- Which of the following would most likely be classified as a current liability? a.mortgage payable b.bond payable c.two-year note payable d.unearned rentWhere is debt callable by the creditor reported on the debtor's financial statements? a) Long term liability b) Current liability if the creditor intends to call the debt within the year , otherwise a long term liability. c) Current liability if it is probable that creditor will call the debt within the year, otherwise a long term liability. d) current liabilityWhat is a long term liability? a. any debt that extends for more than 1 year b. assets=liabilities + owners equity c. fixed cost fall under the overhead d. payroll cost for labor, such as taxes and insurance
- Which of the following is most likely to be regarded as an estimated liability that is subject to provision? a. Deferred revenues b. Current portion of a long-term debt c. Payroll liabilities d. Vacation pay liabilityWhich of the following is a charteristic of a current liability? A)a current liability must be of a known amount B)a current liability is due within one year or one operating cycle, whichever is longer C)a current liability must be of an estimated amount D)current liability’s are subtracted from long term liabilities on the balance sheetWhich of the following would be considered a long-term liability? a. interest payable b. mortgages payable c. accounts payable d. salaries payable
- Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? FICA taxes payable.What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term?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 noteConsider 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]…Determine the correct classification of the following liabilities:(1) Liability with a due date which can be accelerated to within one year of the statement of financial position date; a reasonable probability exists that the due date will be accelerated.(2) Liability due on demand by creditor, probability of the creditor calling the in the liability within one year of the statement of financial position date is remote.(3) Liability due on demand by creditor, probability of the creditor calling the in the liability within one year of the statement of financial position date is reasonable but not likely.(4) Current portion of long-term debt. Group of answer choices Only number 1 is noncurrent. Only numbers 1 and 3 are noncurrent. All are current liabilities. All are long term liabilities.