Bonds payable are usually classified on the balance sheet as

Asked by admin @ 26/11/2021 in Business viewed by 278 People

Which of the following is a typical current liability?

a. Bonds payable
b. Sales taxes payable
c. All of these are typically current liabilities
d. Maturities of notes payable due in more than one year
e. None of these are typically current liabilities

Answered by admin @ 26/11/2021

Answer: Option B

Explanation: In simple words, current liabilities refers to the obligations and promises that an entity has to pay within a year. These liabilities usually arise due to the need of an organisation to fulfill their short term requirements to operate the business efficiently.

These liabilities are of critical in nature as they directly affects the liquidity of the business. In the given case, sales tax payable is the only obligation that must be fulfilled with a year. Hence it is a current liability.

On a classified balance sheet companies usually list current assets

Asked by admin @ 22/11/2021 in Business viewed by 298 persons

When a classified balance sheet is prepared, merchandise inventory is: (A) Not reported as a current asset because it is not sufficiently liquid. (B) Usually listed after prepaid expenses according …

Accounts receivable is classified on the balance sheet as a

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The correct order of presentation in a classified balance sheet

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Asked by admin @ 29/10/2021 in Business viewed by 305 persons

When performing vertical analysis of a balance sheet, the base amount is ________. a.total cash and cash equivalents b.gross profit c.total assets d.net income?

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The balance of royalty payable account is transferred to

Asked by admin @ 17/08/2021 in Accountancy viewed by 485 persons

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What is the difference between balance sheet and trial balance

Asked by admin @ 28/10/2021 in Business viewed by 341 persons

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Stock investments to be sold in 7 months balance sheet

Asked by admin @ 03/12/2021 in Business viewed by 352 persons

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet. Classify each of the following financial statement Stockholders’ EquityLong-term InvestmentsCurrent AssetsIntangible AssetsLong-term LiabilitiesCurrent LiabilitiesProperty, Plant, and …