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.
Amounts due from customers.
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.
Amounts due from customers.
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.
Amounts due from customers.
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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