Match (by letter) the correct reporting method for each of the items listed below. Reporting Method C = Current liability L = Long-term liability D = Disclosure note only N = Not reported Item _________1. Accounts payable. _________2. Current portion of long-term debt. _________3. Sales tax collected from customers. _________4. Notes payable due next year. _________5. Notes payable due in two years. _________6. Advance payments from customers. _________7. Commercial paper. _________8. Unused line of credit. _________9. A contingent liability with a probable likelihood of occurring within the next year and can be estimated. _________10. A contingent liability with a reasonably possible likelihood of occurring within the next year and can be estimated.
Match (by letter) the correct reporting method for each of the items listed below.
Reporting Method
C = Current liability
L = Long-term liability
D = Disclosure note only
N = Not reported
Item
_________1. Accounts payable.
_________2. Current portion of long-term debt.
_________3. Sales tax collected from customers.
_________4. Notes payable due next year.
_________5. Notes payable due in two years.
_________6. Advance payments from customers.
_________7. Commercial paper.
_________8. Unused line of credit.
_________9. A
_________10. A contingent liability with a reasonably possible likelihood of occurring within the next year and can be estimated.
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