Explain thoroughly why it is the answer. Which of the following may be a current liability?O Withheld Income TaxesO Deposits Received from CustomersO Unearned RevenueO All of these

The liabilities are classified as current liabilities and long term liabilities.

Answered: Which of the following may be a current…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 6DQ

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Similar questions

Accrued taxes payable are generally reported on the balance sheet as a current liability. True False
Which of the following is least likely to be classified as a current liability? Select one: Accounts payable Income tax payable Bonds payable Unearned revenue
Which of the following creates temporary difference between financial and taxable income? * Interest on treasury debt securities Accelerated depreciation on plant and equipment O Fines from vilation of law Premiums paid for officer's life insurance (comapny is beneficiary)
Classify the following items that may cause discrepancy between accounting profit and taxable income, into the following types of differences. Also, provide an explenation why that is their classification. A. Non-deductible expenses B. Non-taxable revenues C. Deductible temporary difference D. Taxable temporary difference Interest earned on investments in tax-exempt government securities. Interest earned on deposits with bank. Excess of profit earned over the profit reported under the installment method for income tax purposes.
Which of the following is an accrued liability? * O Unearned subscriptions revenue Current portion of long-term debt payable O wages payable O Rent revenue
Sales tax payable, accounts payable, payroll liabilities and unearned revenue are all examples of: Group of answer choices long-term liabilities unknown liabilities current assets current liabilities
What is generally not a deductible business expense on Schedule C?
Which of the following can be deducted as interest expense? Interest on personal debt Interest on debt from a related creditor Imputed interest on capital Interest on assessed tax delinquency ANSWER:
Explain thoroughly why it is the answer.
Determine if this shall result in recognition of liabilities 11. withholding of taxes on employees' compensation a. yes b. no
The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally
1. Bad debt is an expense in the books of accounts when a provision is made for it. Such amount should likewise be deducted from gross income to arrive at taxable income. 2. The phrase "actually charged off from taxpayer's book of accounts" means that the amount of money lent by the taxpayer (in the course of his business, trade or profession) to his debtor that had been recorded in the books of account as receivable has actually become worthless as of the end of the taxable year, and that the said receivable has been cancelled and written off from the said taxpayer's books of accounts. A= 1st statement is true, second statement is false. B= 1st statement is false, second statement is true. C= Both statements are false. D= Both statement are true. с B OA D

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Which of the following may be a current liability? Withheld Income Taxes Deposits Received from Customers Unearned Revenue All of these