Bundle: Financial Accounting: Tools for Business Decision Making 8e Binder Ready Version + WileyPLUS Registration Code
8th Edition
ISBN: 9781119221647
Author: Paul D. Kimmel
Publisher: Wiley (WileyPLUS Products)
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Question
Chapter 10, Problem 1Q
To determine
Current liability
Current liability is an obligation that the companies need to pay from the remaining current assets or creation of other current liabilities within a fiscal year or the operating cycle whichever is higher.
To Explain: If the belief of JP that a current liability is a debt, that is paid within one year is correct or not.
Expert Solution & Answer
Answer to Problem 1Q
Yes JP is correct, current liability is a debt that can be expected to be paid within a fiscal year.
Explanation of Solution
Current liability is a debt that can be paid within a fiscal year or operating cycle whichever is longer. If the debt paid more than one year means, it doesn’t form the part of a current liability.
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Chapter 10 Solutions
Bundle: Financial Accounting: Tools for Business Decision Making 8e Binder Ready Version + WileyPLUS Registration Code
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