Which of the following will be classified as a current liability? O a. Two-year noțes payable Ob. Unearned rent Oc. Bonds payable Od. Mortgage loan
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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 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 payable E. note payable due in four years F. interest expense G. state income taxWhich 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 rent
- Where 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 liabilityWhich of the following would be considered a long-term liability? a. interest payable b. mortgages payable c. accounts payable d. salaries payableWhich 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.
- Which 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 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 liabilityDetermine 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.
- 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. All are long term liabilities. All are current liabilities. Only number 1 is noncurrent. Only numbers 1 and 3 are noncurrent.Classifying Liability-Related Accounts into Balance Sheet or Income StatementIndicate the proper financial statement classification (balance sheet or income statement) for each of the following liability-related accounts. Account Financial Statement a. Gain on Bond Retirement b. Discount on Bonds Payable c. Mortgage Notes Payable d. Bonds Payable e. Bond Interest Expense f. Bond Interest Payable (due next period) g. Premium on Bonds Payable h. Loss on Bond RetirementWhich of the following is classified as nonmonetary? a. Warranty liability b. Accrued expense c. Unamortized discount on bonds payable d. Refundable deposit
