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Classify Each of the Following Items as Either

Question 172

Matching

Classify each of the following items as either:

Premises:
Payment of a 30-year term loan due this year
FICA taxes payable
Salaries payable
Warranty work completed this year
Accounts payable
60-day promissory note
Debt guarantees
Payment of a 4-year term loan due this year
Income taxes payable
Payment of a 30-year term loan due next year. (The company's operating cycle is 2 months.)
Responses:
Long-term liability
Not a liability
Current liability

Correct Answer:

Payment of a 30-year term loan due this year
FICA taxes payable
Salaries payable
Warranty work completed this year
Accounts payable
60-day promissory note
Debt guarantees
Payment of a 4-year term loan due this year
Income taxes payable
Payment of a 30-year term loan due next year. (The company's operating cycle is 2 months.)
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