Question

QUESTION 3 All of the following statements regarding uncertainty in liabilities are true except. O A company can create a liability with a known amount even when the holder of the note may not be known until the maturity date. O A company can have an obligation of a known amount to a known creditor but not know when it must be paid. O Liabilities can involve uncertainty in whom to pay. O A company can be aware of an obligation but not know how much will be required to settle it. O A company only records liabilities when it knows whom to pay, when to pay, and how much to pay. Without all three, a liability cannot be recorded.

I need help with questions 3,6,7,and 8. Thanks!

Answer 1

Question 3

Ans :- All of the following statements regarding uncertainty in liabilities are true excepts A company only records liabilities when it knows whom to pay, when to pay and how much to pay. Without all three a liability cannot be recorded.

Question 6

Ans :- Employer Payroll Taxes

1. Are paid by the employee
2. Represent the federal taxes withheld from employees.
3. Represent the social security taxes withheld from employees.
4. Are added expenses beyond that for the wages and salaries earned by employees.

Question 7

Ans :- False

Question 8

Ans :- sales tax payable is a current liability.