Classify each of the following items as either:
a.Estimated liability
b.Contingent liability
c.Current liability that is neither a nor b
1.Lawsuit against the company
2.Warranty on products sold this year
3.Accounts payable
4.Income taxes payable
5.Vacation benefits
6.Accrued wages payable
7.Debt guarantees
8.Property taxes payable
9.Payroll taxes payable
10.Unearned revenues

Question

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The Answer of Classify each of the following items as either:
a.Estimated liability
b.Contingent liability
c.Current liability that is neither a nor b
1.Lawsuit against the company
2.Warranty on products sold this year
3.Accounts payable
4.Income taxes payable
5.Vacation benefits
6.Accrued wages payable
7.Debt guarantees
8.Property taxes payable
9.Payroll taxes payable
10.Unearned revenues

Classify Each of the Following Items as Either