Circumstances when liability is classified as current liability.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 13, Problem 13.1Q

To determine

To explain: Circumstances when liability is classified as current liability.

Expert Solution & Answer

Answer to Problem 13.1Q

Liabilities which are expected to be repaid within a time frame of an accounting year are classified as current liabilities.

Explanation of Solution

Liabilities:

Liabilities are the debt which represents the money of investors and lenders possessed by the company during the normal course of business.

Current liabilities are the debt which is likely to be disbursed within a year. Current liabilities include accounts payables, accrued expenses, short term debt and other current liabilities.

Conclusion

Hence, liability which is expected to be repaid within an accounting year is classified as current liability.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

None

Ans

General Accounting question

Answer 2

Question

Chapter 13, Problem 13.1Q

To determine

To explain: Circumstances when liability is classified as current liability.

Expert Solution & Answer

Answer to Problem 13.1Q

Liabilities which are expected to be repaid within a time frame of an accounting year are classified as current liabilities.

Explanation of Solution

Liabilities:

Liabilities are the debt which represents the money of investors and lenders possessed by the company during the normal course of business.

Current liabilities are the debt which is likely to be disbursed within a year. Current liabilities include accounts payables, accrued expenses, short term debt and other current liabilities.

Conclusion

Hence, liability which is expected to be repaid within an accounting year is classified as current liability.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 13, Problem 13.1Q

To determine

To explain: Circumstances when liability is classified as current liability.

Expert Solution & Answer

Answer to Problem 13.1Q

Liabilities which are expected to be repaid within a time frame of an accounting year are classified as current liabilities.

Explanation of Solution

Liabilities:

Liabilities are the debt which represents the money of investors and lenders possessed by the company during the normal course of business.

Current liabilities are the debt which is likely to be disbursed within a year. Current liabilities include accounts payables, accrued expenses, short term debt and other current liabilities.

Conclusion

Hence, liability which is expected to be repaid within an accounting year is classified as current liability.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 13, Problem 13.1Q

To determine

To explain: Circumstances when liability is classified as current liability.

Expert Solution & Answer

Answer to Problem 13.1Q

Liabilities which are expected to be repaid within a time frame of an accounting year are classified as current liabilities.

Explanation of Solution

Liabilities:

Liabilities are the debt which represents the money of investors and lenders possessed by the company during the normal course of business.

Current liabilities are the debt which is likely to be disbursed within a year. Current liabilities include accounts payables, accrued expenses, short term debt and other current liabilities.

Conclusion

Hence, liability which is expected to be repaid within an accounting year is classified as current liability.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 13, Problem 13.1Q

To determine

To explain: Circumstances when liability is classified as current liability.

Expert Solution & Answer

Answer to Problem 13.1Q

Liabilities which are expected to be repaid within a time frame of an accounting year are classified as current liabilities.

Explanation of Solution

Liabilities:

Liabilities are the debt which represents the money of investors and lenders possessed by the company during the normal course of business.

Current liabilities are the debt which is likely to be disbursed within a year. Current liabilities include accounts payables, accrued expenses, short term debt and other current liabilities.

Conclusion

Hence, liability which is expected to be repaid within an accounting year is classified as current liability.

Answer 6

Chapter 13, Problem 13.1Q

To determine

To explain: Circumstances when liability is classified as current liability.

Expert Solution & Answer

Answer to Problem 13.1Q

Liabilities which are expected to be repaid within a time frame of an accounting year are classified as current liabilities.

Explanation of Solution

Liabilities:

Liabilities are the debt which represents the money of investors and lenders possessed by the company during the normal course of business.

Current liabilities are the debt which is likely to be disbursed within a year. Current liabilities include accounts payables, accrued expenses, short term debt and other current liabilities.

Conclusion

Hence, liability which is expected to be repaid within an accounting year is classified as current liability.

Answer 7

Chapter 13, Problem 13.1Q

To determine

To explain: Circumstances when liability is classified as current liability.

Answer 8

Expert Solution & Answer

Answer to Problem 13.1Q

Liabilities which are expected to be repaid within a time frame of an accounting year are classified as current liabilities.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Liabilities:

Liabilities are the debt which represents the money of investors and lenders possessed by the company during the normal course of business.

Current liabilities are the debt which is likely to be disbursed within a year. Current liabilities include accounts payables, accrued expenses, short term debt and other current liabilities.

Answer 12

Conclusion

Hence, liability which is expected to be repaid within an accounting year is classified as current liability.

Answer 13

Ch. 13 - Prob. 13.1Q Ch. 13 - Prob. 13.2Q Ch. 13 - Prob. 13.3Q Ch. 13 - Do sellers recognize sales taxes as expenses on...Ch. 13 - Prob. 13.5Q Ch. 13 - Prob. 13.6Q Ch. 13 - Prob. 13.7Q Ch. 13 - What is a gam contingency? Is It accrued and...Ch. 13 - Do firms always accrue and record loss...Ch. 13 - Prob. 13.10Q

Circumstances when liability is classified as current liability.

Concept explainers

To explain: Circumstances when liability is classified as current liability.

Answer to Problem 13.1Q

Explanation of Solution

Want to see more full solutions like this?

Chapter 13 Solutions