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''liabilities, current'' and ''account payable'

''liabilities, current'' and ''account payable'

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please refer to the sample and paraphrase the ''liabilities, current'' and ''account payable''. Changing the company name to Newmont Corporation. Please write a close word count to the sample.

Liabilities, current- Current liabilities are short-term financial obligations that are paid off within one year or one current operating cycle, whichever is longer. Typical current liabilities include such accrued expenses as wages, taxes, and interest payments not yet paid; accounts payable, short-term notes, cash dividends and revenues collected in advance of actual delivery of goods or services. sample Accounts Payable- An accounting entry that represents an entity's obligations to pay off a short- term debt to its creditors. The accounts payable entry is found on a balance sheet under the heading current liabilities. Payment of accounts payable and income taxes payable are expected to be and remain our principal recurring use of cash and working capital funds.
Transcribed Image Text:Liabilities, current- Current liabilities are short-term financial obligations that are paid off within one year or one current operating cycle, whichever is longer. Typical current liabilities include such accrued expenses as wages, taxes, and interest payments not yet paid; accounts payable, short-term notes, cash dividends and revenues collected in advance of actual delivery of goods or services. sample Accounts Payable- An accounting entry that represents an entity's obligations to pay off a short- term debt to its creditors. The accounts payable entry is found on a balance sheet under the heading current liabilities. Payment of accounts payable and income taxes payable are expected to be and remain our principal recurring use of cash and working capital funds.
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