Answered: Which of the following would be…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1MC: Which of the following is not considered a current liability? A. Accounts Payable B. Unearned...

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Similar questions

Which of the following is most likely to be classified and reported as current liability? a. Bond Payable b. Unearned Rent c. Mortgage Payable d. Two-year Note Payable e. None of the above.
Which of the following is not considered a current liability?A. Accounts PayableB. Unearned RevenueC. the component of a twenty-year note payable due in year 20D. current portion of a noncurrent note payable
Which of the following is not considered a current liability? A. Accounts Payable B. Unearned Revenue C. the component of a twenty-year note payable due in year 20 D. current portion of a noncurrent note payable
I want an explanation.
Which of the following is not considered a current liability? The current portion of a noncurrent note payable O Unearned Revenue O Accounts Payable Bonds payable due in 2 years
Which of the following accounts could not be classified as a current liability? Multiple Choice Unearned revenues. Accounts payable. Notes payable (due in 11 months). Current portion of long-term note payable. Notes payable (due in 5 years).
2. Which of the following best describes the accounting for assurance-type warranty costs? * 1 point a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.
3. which of the following transactions will result in the increase and decrease in liability? a. payment of loan by installmentb. borrowed money from the bankc. issued a promissory note in payment of a liabilityd. request for an extension of the date of payment
How would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (b) Estimated taxes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (c) Service warranties on appliance sales. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (d) Bank overdraft.…
If a long-term debt is paid in installments, the business will report the current portion of the note payable as a current liability.
Which of the following is not a characteristic of a short-term note payable? A. Payment is due in less than a year. B. It bears interest. C. It can result from an accounts payable conversion. D. It is reported on the balance sheet under noncurrent liabilities.
19. Which of the following best describes the accounting for assurance-type warranty costs? * a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.

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Which of the following would be classified as a current liability? a) Long-term loan b) Notes Payable (due in 6 months) c) Buildings d) Retained Earnings