Matching
Classify each of the following items
Premises:
FICA taxes payable
Payment of a 4-year loan due this year
Payment of a 30-year loan due this year
Debt guarantees
30-day promissory note
Payment of a 30-year loan due next year (The company operating cycle is 2 months)
Accounts payable
Income taxes payable
Salaries payable
Warranty work completed this year
Responses:
current liability
long-term liability
not a liability
Correct Answer:
Premises:
Responses:
FICA taxes payable
Payment of a 4-year loan due this year
Payment of a 30-year loan due this year
Debt guarantees
30-day promissory note
Payment of a 30-year loan due next year (The company operating cycle is 2 months)
Accounts payable
Income taxes payable
Salaries payable
Warranty work completed this year
Premises:
FICA taxes payable
Payment of a 4-year loan due this year
Payment of a 30-year loan due this year
Debt guarantees
30-day promissory note
Payment of a 30-year loan due next year (The company operating cycle is 2 months)
Accounts payable
Income taxes payable
Salaries payable
Warranty work completed this year
Responses:
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