Answered: 1. All of the following are examples of…

1. All of the following are examples of legal liabilities, except for a. notes payable b. sales tax payable c. sick pay payable (may be taken as time off) d. property taxes payable

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter12: Preparing Payroll Records

Section12.2: Determining Payroll Tax Withholding

Problem 5AYU

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

1. All of the following are examples of legal liabilities, except for

a. notes payable
b. sales tax payable
c. sick pay payable (may be taken as time off)
d. property taxes payable

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