Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Accounts payable due in 11 months.
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Which of the items are normally classified as current liabilities for a company that has a oneyear
operating cycle? Accounts payable due in 11 months.
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- Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Note payable due in 18 months.Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Portion of long-term note due in 10 months.Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Note payable maturing in 2 years.
- company’s typical operating period (sometimes called an operating cycle) is a year, which is used to delineate current and noncurrent liabilities, and current liabilities are considered short term and are typically due within a year or less. Identify the 4 examples of current liabilities and provide a detail explanation of each.items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability,or N if it is not a liability. Notes payable (due in 6 to 11 months).Debts that are due to be paid within one year or within the company's operating cycle are called: a.deferred liabilities. b.liquid liabilities. c.long-term liabilities. d.current liabilities. e.quick liabilities.
- items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability,or N if it is not a liability. Notes payable (due in 120 days).In which section of the statement of financial position should employment taxes due for settlement in 15 months' time be presented? Ans - CURRENT LIABILITIES ***Can I ask why is the answer above the question is current liabilities though its 15 months settlement? Should it be noncurrent because of the normal operating cycle which is 12 months? thank youitems appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability,or N if it is not a liability. Notes payable (mature in five years).
- On July 1, Alaskan Adventures issues a $160,000, eight-month, 6% note. Interest is payable at maturity. What is the amount of interest expense that the company would record in a year-end adjustment on December 31?Fifteen transactions or events affecting Westmar, Inc., are as follows:a. Made a year-end adjusting entry to accrue interest on a note payable that has the interest ratestated separately from the principal amount.b. A liability classified for several years as long-term becomes due within the next 12 months. c. Recorded the regular weekly payroll, including payroll taxes, amounts withheld from employ-ees, and the issuance of paychecks. d. Earned an amount previously recorded as unearned revenue.e. Made arrangements to extend a bank loan due in 60 days for another 36 months.f. Made a monthly payment on a fully amortizing installment note payable. (Assume this note isclassified as a current liability.)g. Called bonds payable due in 10 years at a price below the carrying value of the liability in theaccounting records.h. Issued bonds payable at 101 on January 31, 2011. The bonds pay interest on January 31 andJuly 31.i. Recorded July 31, 2011, interest expense and made semiannual interest…– Saad Company has the following obligations at December 31:(a). A note payable for $10,000 due in 18 months;(b). Unearned revenue of $12,500;(c). Interest payable of $15,000;(d). Accounts payable of $60,000;(e). Note payable due in three months.Required:For each obligation, indicate whether it should be classified as a current liability. (Assumean operating cycle of less than one year.)