Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Question
Chapter 8, Problem 2QC
To determine
To identify: The correct option related to liabilities.
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Which of the following is not a liability?a. Income taxes payableb. Accrued warranties payablec. Accrued vacation payd. Allowance for bad debts
Which of the following is usually not an accrued liability?
Select one:
a. Notes payable
b. Taxes payable
C. The answer does not exist
d. Wages payable
e. Interest payable
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Which of the following is not a liability?
A. Notes payable.
B. Current portion of long-term debt.
C. Deferred revenue.
D. An unused line of credit.
Chapter 8 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 8 - All of the following are reported as current...Ch. 8 - Prob. 2QCCh. 8 - Prob. 3QCCh. 8 - What is accounts payable turnover? a.Purchases on...Ch. 8 - Prob. 5QCCh. 8 - Nicholas Corporation accrues the interest expense...Ch. 8 - Phoebe Corporation signed a six-month note payable...Ch. 8 - Prob. 8QCCh. 8 - Backpack Co. was organized to sell a single...Ch. 8 - Prob. 10QC
Ch. 8 - Potential liabilities that depend on future events...Ch. 8 - A contingent liability should be recorded in the...Ch. 8 - Prob. 8.1ECCh. 8 - Prob. 8.1SCh. 8 - Prob. 8.2SCh. 8 - Prob. 8.3SCh. 8 - Prob. 8.4SCh. 8 - (Learning Objective 3: Account for a short-term...Ch. 8 - Prob. 8.6SCh. 8 - (Learning Objective 4: Report warranties in the...Ch. 8 - (Learning Objective 4: Account for accrued...Ch. 8 - (Learning Objective 5: Interpret a companys...Ch. 8 - Prob. 8.10AECh. 8 - Prob. 8.11AECh. 8 - LO 3 (Learning Objective 3: Purchase inventory,...Ch. 8 - (Learning Objective 3: Record note payable...Ch. 8 - (Learning Objective 3: Account for a short-term...Ch. 8 - Prob. 8.15AECh. 8 - Prob. 8.16AECh. 8 - Prob. 8.17AECh. 8 - Prob. 8.18AECh. 8 - Prob. 8.19AECh. 8 - Prob. 8.20BECh. 8 - Prob. 8.21BECh. 8 - LO 3 (Learning Objective 3: Purchase inventory,...Ch. 8 - Prob. 8.23BECh. 8 - Prob. 8.24BECh. 8 - Prob. 8.25BECh. 8 - Prob. 8.26BECh. 8 - Prob. 8.27BECh. 8 - (Learning Objectives 1, 2, 3, 4: Report current...Ch. 8 - Prob. 8.29BECh. 8 - Prob. 8.30QCh. 8 - For the purpose of classifying liabilities as...Ch. 8 - Prob. 8.32QCh. 8 - Prob. 8.33QCh. 8 - Prob. 8.34QCh. 8 - Prob. 8.35QCh. 8 - Prob. 8.36QCh. 8 - Prob. 8.37QCh. 8 - Prob. 8.38QCh. 8 - Prob. 8.39QCh. 8 - Prob. 8.40QCh. 8 - Prob. 8.41QCh. 8 - Prob. 8.42QCh. 8 - Prob. 8.43QCh. 8 - Group A LO 1, 2, 3, 4 (Learning Objective 1, 2, 3,...Ch. 8 - Prob. 8.45APCh. 8 - LO 1, 2, 3, 4 (Learning Objectives 1, 2, 3, 4:...Ch. 8 - LO 4, 5 (Learning Objectives 4, 5: Account for...Ch. 8 - Group B LO 1, 2, 3, 4 (Learning Objectives 1, 2,...Ch. 8 - Prob. 8.49BPCh. 8 - Prob. 8.50BPCh. 8 - Prob. 8.51BPCh. 8 - Prob. 8.52CEPCh. 8 - Prob. 8.53SCCh. 8 - Prob. 8.54DCCh. 8 - Prob. 8.55DCCh. 8 - Prob. 8.56EICCh. 8 - Prob. 1FFCh. 8 - Prob. 1GP
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- Estimated losses on uncollectible taxes receivable should be accounted for as an allowance for uncollectible accounts and bad debt expense. a. True b. Falsearrow_forwardIncome taxes payable is an example of an accrued liability. a. True b. Falsearrow_forwardWhat is the theoretical justification of the allowancemethod as contrasted with the direct write-off methodof accounting for bad debts?arrow_forward
- Define Allowance for Bad Debtsarrow_forwardBad debt is a deduction from the gross income when an account is written off Group of answer choices True Falsearrow_forwardWhich one of the following is a special type of liability? a. Accrued expenses b. Salaries payable c. Deferred income taxes d. Bond payablearrow_forward
- What is the correct treatment of advance payment made by the lessee to the lessor? A. None of the above B. If the advance payment representing loan is intended to be applied to unpaid rent, the amount is part of the debtor/lessor’s taxable income at the time of receipt of said amount. C. If the advance payment represents security deposit, the amount is part of the lessor’s taxable income. D. If the advance payment represents loan, the amount is part of the lessor’s taxable income.arrow_forwardWhen an account is written off under the allowance method, there should be a debit to Bad Debt Expense.arrow_forwardThe allowance method of accounting for bad debts. follows which principle? a) Matching b) Revenue recognition c) Going concern d) Historical costarrow_forward
- Which if the following is not an inclusion in gross income? a. Payment for lost salaries b. Payment for loss of earning capacity c. Recovery of bad debts previously written off d. Moral damagesarrow_forwardWhich of the following is least likely to be classified as a current liability? Select one: Accounts payable Income tax payable Bonds payable Unearned revenuearrow_forwardWhich of the following is NOT a contingent liability? a. Pending law suit for property damage b. Product warranty c. Discounted note receivable d. Pending law suit for slanderarrow_forward
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