5 The following Iitems appear on the balance sheet of a company with a one year operating cycle. Identity each item as a current labitya long-term lability, or not a liability.HemClassification1 rterest payable (due in 90 days)2Uneamed revenues (to be eamed over next 3 months)3 Employee Union Dues Paysble4 Pension labty (to be paid to employees retirng in 2 to 5 years)Curent labity5 Wananty lisbility 6 morths of coverage)6. FICA Socal Security Taxes Payatle7. FICA-Medicare Taxes Payable8 Prepaid imsurance (6 months of coverage)s iSales taxes payable10 Pension liabilty (to be tuy paid to retired employees in next 11 months)

Current Liability- These are those liabilities which are required to be paid within a period of 12…

The following items appear on the balance sheet of a company with a one year operating cycle. Identify each item as a curent lablit a long-term lability, or not a liability. tem Classification Cument labty 1 terest payabie (duen 0 day) 2Uneamed revenues (to be eamed over next 3 months) 3 Employne Unon Dues Payable 4 Pension labty to be paid to employees retrng in 2 to 5 years s Wamanty lisbility 6 months of coverage) 6. FICA-Soc Security Taxes Payable 7. FICA-Medicare Taxes Payable 8 Prepsid insurance (6 months of coverage) sSales texes payable 10 Pension lablty do be tuy pad to retired employees in neat 11 months)

The following items appear on the balance sheet of a company with a one year operating cycle. Identify each item as a curent lablit a long-term lability, or not a liability. tem Classification Cument labty 1 terest payabie (duen 0 day) 2Uneamed revenues (to be eamed over next 3 months) 3 Employne Unon Dues Payable 4 Pension labty to be paid to employees retrng in 2 to 5 years s Wamanty lisbility 6 months of coverage) 6. FICA-Soc Security Taxes Payable 7. FICA-Medicare Taxes Payable 8 Prepsid insurance (6 months of coverage) sSales texes payable 10 Pension lablty do be tuy pad to retired employees in neat 11 months)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 8RE

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