1. federal income tax payable this year [ Select one] a. current liability b. noncurrent liability c. neither 2. long-term note payable [ Select one] a. current liability b. noncurrent liability c. neither 3. current portion of a long-term note payable [ Select one] a. current liability b. noncurrent liability c. neither
Consider the descriptions of the following accounts and determine if each account is a current liability, a noncurrent liability, or neither.
1. federal income tax payable this year [ Select one]
a. current liability
b. noncurrent liability
c. neither
2. long-term note payable [ Select one]
a. current liability
b. noncurrent liability
c. neither
3. current portion of a long-term note payable [ Select one]
a. current liability
b. noncurrent liability
c. neither
4. cash [ Select one ]
a. current liability
b. noncurrent liability
c. neither
5. note payable due in four years [ Select one ]
a. current liability
b. noncurrent liability
c. neither
6. interest expense [ Select one ]
a. current liability
b. noncurrent liability
c. neither
7. state income tax [ Select one]
a. current liability
b. noncurrent liability
c. neither
8. allowance for warranty expense [ Select one]
a. current liability
b. noncurrent liability
c. neither
9. warranty liability [ Select one ]
a. current liability
b. noncurrent liability
c. neither
10. unearned fee revenue [ Select one]
a. current liability
b. noncurrent liability
c. neither
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
