Classify each of the following items as either:
1.Known current liability.
2.Estimated liability.
3.Contingent liability.
Pending lawsuit
Warranty liability on $150,000 worth of products sold
Accounts payable
Income taxes payable
CPP payable
Interest payable
Environmental liability
Property taxes payable
Payroll taxes payable
Unearned revenues

Question

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The Answer of Classify each of the following items as either:
1.Known current liability.
2.Estimated liability.
3.Contingent liability.
Pending lawsuit
Warranty liability on $150,000 worth of products sold
Accounts payable
Income taxes payable
CPP payable
Interest payable
Environmental liability
Property taxes payable
Payroll taxes payable
Unearned revenues

Classify Each of the Following Items as Either