BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

Solutions

Chapter
Section
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
24 views

Which of the following is not a current liability?

a. Accounts payable

b. Unearned revenue

c. Sales taxes payable

d. Bonds payable due in 5 years

To determine

Concept introduction:

Liabilities:

Liabilities are the obligation of the business or amount payable by the business. Liabilities can current or long term. Current liabilities are liabilities payable within the short term or business cycle of the company, for example Accounts payable for purchases and utilities payable. Long term liabilities are liabilities payable in a long period/ years, for example long term loan.

To choose:

The item which is not a current liability.

Explanation

Explanation for correct answer:

Bonds payable due in 5 years is a long term liability and it’s not a current liability. Hence the correct option is d.

Explanation for incorrect answers:

a...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Give an example of each of the three types of relationships.

Database Systems: Design, Implementation, & Management

As you already know, roofing materials keep water from penetrating into the roof structure. There is a wide ran...

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

What is a Brale penetrator and what hardness scale uses it?

Precision Machining Technology (MindTap Course List)

What e input masks� What are validation rules? Why are they important?

Systems Analysis and Design (Shelly Cashman Series) (MindTap Course List)

network standard (459) a. standard that outlines characteristics of how two devices communicate on a network b....

Enhanced Discovering Computers 2017 (Shelly Cashman Series) (MindTap Course List)