Which of the following is not a type of current liability? Choose one. Contingent liabilities. Pre-existing...
Which of the following is not a type of current liability?
Choose one.
Contingent liabilities.
Pre-existing liabilities.
Current portions of long term debt.
Estimated liabilities.
Clearly determinable liabilities.
why is correct answer pre-existing liabilities?
Homework Answers
The Correct Answer is Contingent liabilities.Contingent liabilities are liabilities that may occur depending on the outcome of a future event. Therefore, contingent liabilities are potential liabilities.In accounting standards, a contingent liability is only recorded if the liability is probable and the amount can be reasonably estimated.
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Which of the following is not a type of current liability?
Choose one.
Contingent liabilities.
Pre-existing...
Which of the following is not a type of current liability? Choose one. Contingent liabilities. Pre-existing...
Which of the following is not a type of current liability? Choose one. Contingent liabilities. Pre-existing liabilities. Current portions of long term debt. Estimated liabilities. Clearly determinable liabilities. why is correct answer pre-existing liabilities?
Which of the following is not a type of current liability? Choose one. Contingent liabilities. Pre-existing...
Which of the following is not a type of current liability? Choose one. Contingent liabilities. Pre-existing liabilities. Current portions of long term debt. Estimated liabilities. Clearly determinable liabilities.
Categories of non-determinable liabilities are: Select one: a. estimated liabilities and contingent liabilities b. estimated liabilities...
Categories of non-determinable liabilities are: Select one: a. estimated liabilities and contingent liabilities b. estimated liabilities and current liabilities c. assayable and provable liabilities d. property taxes and vacation pay
match the following: Deferred revenues Disclosure of a contingent liability Notes payable Recording a contingent liability...
match the following:
Deferred revenues Disclosure of a contingent liability Notes payable Recording a contingent liability Current portion of long-term debt Match each of the options above to the items below. A written promise to repay the amount borrowed plus interest. Loss is probable and amount is reasonably estimable. Debt that will be paid within one year of the balance sheet date. Loss is reasonably possible and amount is reasonably estimable. A liability that requires the sacrifice of something other...
Which of the following is a current liability? Select one: a. All of these answer choices...
Which of the following is a current liability? Select one: a. All of these answer choices are correct. b. A dividend payable in the form of additional shares. c. A cash dividend payable to preference shareholders. d. Current maturities of long-term debt that is to be refinanced from the proceeds of a new long-term debt issue.
pters 7-9 Match the following Current portion of long-term debt Notes payable Recording a contingent liability...
pters 7-9 Match the following Current portion of long-term debt Notes payable Recording a contingent liability Disclosure of a contingent liability Deferred revenues Match each of the options above to the Items below. A written promise to repay the amount borrowed plus interest Loss is probable and amount is reasonably estimable Debt that will be paid within one year of the balance sheet date. Loss is reasonably possible and amount is reasonably estimable. A liability that requires the sacrifice of...
a. Recording of a contingent liability 1. An IOU promising to repay the amount borrowed plus...
a. Recording of a contingent liability 1. An IOU promising to repay the amount borrowed plus interest 2 Payment amount is reasonably possible and can be b. Unearned revenues reasonably estimated c. The riskiness of a business's obligations. 3. Mixture of liabilities and equity a business uses d. Disclosure of a contingent liability 4 Payment amount is probable and can be reasonably estimated 5. A liability that requires the sacrifice of something other e. Interest on debt than cash 6...
Which of the following are operating liabilities? Current Liabilities: Accounts payable, accrued expenses and other Current...
Which of the following are operating liabilities? Current Liabilities: Accounts payable, accrued expenses and other Current maturities of long-term debt Current maturities of non-recourse debt Income taxes payable Total current liabilities (variable interest entities - $157 and $162) Long-term debt Non-recourse debt Deferred revenues Deferred income tax liabilities Liability for guest loyalty program Other
14. How to report contingent liabilities. 15. The formula for the times-interest-earned ratio and what is...
14. How to report contingent liabilities. 15. The formula for the times-interest-earned ratio and what is a good one 16. Who pays which taxes (employee, employer, both) 17. Calculate the Current Portion of a Long-Term Note Payable 18. Definitions related to Bonds Payable-principal amount, maturity date, etc 19. Calculate the Cash proceeds for bonds when issued at par, discount, or premium 20. Calculate Bond carrying amount 21. Calculate effect on Income Statement when retiring bonds. 22. Determine if liabilities are...
E13-23 Disclosures of liabilities Indicate the way each of the items listed below should 2021 be...
E13-23 Disclosures of liabilities Indicate the way each of the items listed below should 2021 be reported in a balance sheet at December 31. Item 1. Commercial paper. |||||| 2. Noncommitted line of credit. 3. Customer advances. 4. Estimated quality assurance 5. Accounts payable. 6. Long-term bonds that will be Reporting Method N. Not reported c. Current liability L. Long-term liability surance warranty cost. D. Disclosure note only us that will be callable by the creditor in the upcoming A....
match the following:
Deferred revenues Disclosure of a contingent liability Notes payable Recording a contingent liability Current portion of long-term debt Match each of the options above to the items below. A written promise to repay the amount borrowed plus interest. Loss is probable and amount is reasonably estimable. Debt that will be paid within one year of the balance sheet date. Loss is reasonably possible and amount is reasonably estimable. A liability that requires the sacrifice of something other...
pters 7-9 Match the following Current portion of long-term debt Notes payable Recording a contingent liability Disclosure of a contingent liability Deferred revenues Match each of the options above to the Items below. A written promise to repay the amount borrowed plus interest Loss is probable and amount is reasonably estimable Debt that will be paid within one year of the balance sheet date. Loss is reasonably possible and amount is reasonably estimable. A liability that requires the sacrifice of...
a. Recording of a contingent liability 1. An IOU promising to repay the amount borrowed plus interest 2 Payment amount is reasonably possible and can be b. Unearned revenues reasonably estimated c. The riskiness of a business's obligations. 3. Mixture of liabilities and equity a business uses d. Disclosure of a contingent liability 4 Payment amount is probable and can be reasonably estimated 5. A liability that requires the sacrifice of something other e. Interest on debt than cash 6...
14. How to report contingent liabilities. 15. The formula for the times-interest-earned ratio and what is a good one 16. Who pays which taxes (employee, employer, both) 17. Calculate the Current Portion of a Long-Term Note Payable 18. Definitions related to Bonds Payable-principal amount, maturity date, etc 19. Calculate the Cash proceeds for bonds when issued at par, discount, or premium 20. Calculate Bond carrying amount 21. Calculate effect on Income Statement when retiring bonds. 22. Determine if liabilities are...
E13-23 Disclosures of liabilities Indicate the way each of the items listed below should 2021 be reported in a balance sheet at December 31. Item 1. Commercial paper. |||||| 2. Noncommitted line of credit. 3. Customer advances. 4. Estimated quality assurance 5. Accounts payable. 6. Long-term bonds that will be Reporting Method N. Not reported c. Current liability L. Long-term liability surance warranty cost. D. Disclosure note only us that will be callable by the creditor in the upcoming A....
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