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- which of the followings is considered as long term liability :Select one .a mortgage payable .b current portion of long term liability .C bank overdraft .d unearned revenuesWhich of the following would most likely be classified as a current liability? a.mortgage payable b.bond payable c.two-year note payable d.unearned rentHow would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (b) Estimated taxes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (c) Service warranties on appliance sales. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (d) Bank overdraft.…
- Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Trucks 2. Mortgages payable (due in 6 years) 3. Automobiles 4. Notes payable (due in 3 years) 5. Utilities expense 6. Services revenue 7. Notes receivable (due in 2 years) 8. Interest payable (due in 1 week) 9. Long-term investment in stock 10. Wages payable Classification Account Title 11. Office supplies 12. Salaries payable 13. Merchandise inventory 14. Supplies 15Rental revenue 16. Unearned revenue 17. Accounts receivable 18. Accounts payable 19. Short-term investments 20. Taxes payable (Due in 5 weeks) ClassificationIn the amortization of loans, interest must be paid at the beginning of each period calculated on the balance of the principal amount due (unpaid balance). TRUE OR FALSE?Calculate: a. Average Receivable days/ Debtors collection periodb. Average Payable days/ Creditors collection period
- Current Liabilitites: Trade Accounts Payable, Short-term Notes Payable, Salaries Payable, Unearned Revenue. Non-Current Liabilities: Long-term Notes Payable, Long-term Loans Payable, Mortgage Payable.1. All of the following are examples of legal liabilities, except for a. notes payableb. sales tax payablec. sick pay payable (may be taken as time off)d. property taxes payableAccounts payable is a Select one: A. current liability B. current asset C. long-term liability D. long-term asset
- Match (by letter) the correct reporting method for each of the items listed below. Reporting Method C = Current liability L = Long-term liability D = Disclosure note only N = Not reported Item _________1. Accounts payable. _________2. Current portion of long-term debt. _________3. Sales tax collected from customers. _________4. Notes payable due next year. _________5. Notes payable due in two years. _________6. Advance payments from customers. _________7. Commercial paper. _________8. Unused line of credit. _________9. A contingent liability with a probable likelihood of occurring within the next year and can be estimated. _________10. A contingent liability with a reasonably possible likelihood of occurring within the next year and can be estimated.3. which of the following transactions will result in the increase and decrease in liability? a. payment of loan by installmentb. borrowed money from the bankc. issued a promissory note in payment of a liabilityd. request for an extension of the date of paymentConsider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax