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Match the Liabilities with Their Usual Classification on the Statement

Question 146

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Match the liabilities with their usual classification on the statement of financial position

Premises:
Rent payable
Payroll Income Taxes payable
Interest payable
Mortgage payable (due in 2 years)
Bond payable, current portion
Notes payable
Cash deposits (advances) received from customer for services to be performed in six months
Bonds payable (due in 6 years)
Future income tax (a credit balance)
Accumulated Depreciation
Employee income taxes withheld
Trade receivables
Trade payables
Allowance for doubtful accounts
Current Income tax payable
Responses:
Current liability
Long-term liability
Current or long-term liability
None of the above

Correct Answer:

Rent payable
Payroll Income Taxes payable
Interest payable
Mortgage payable (due in 2 years)
Bond payable, current portion
Notes payable
Cash deposits (advances) received from customer for services to be performed in six months
Bonds payable (due in 6 years)
Future income tax (a credit balance)
Accumulated Depreciation
Employee income taxes withheld
Trade receivables
Trade payables
Allowance for doubtful accounts
Current Income tax payable
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