Solved

Match the Liabilities with Their Usual Classification on the Statement

Question 51

Matching

Match the liabilities with their usual classification on the statement of financial position

Premises:

Responses:

Rent payable

Current liability

Payroll Income Taxes payable

Long-term liability

Interest payable

Current or long-term liability

Mortgage payable (due in 2 years)

None of the above

Bond payable, current portion

Notes payable

Cash deposits (advances) received from customer for services to be performed in six months

Bonds payable (due in 6 years)

Future income tax (a credit balance)

Accumulated Depreciation

Employee income taxes withheld

Trade receivables

Trade payables

Allowance for doubtful accounts

Current Income tax payable

Premises:

Rent payable

Payroll Income Taxes payable

Interest payable

Mortgage payable (due in 2 years)

Bond payable, current portion

Notes payable

Cash deposits (advances) received from customer for services to be performed in six months

Bonds payable (due in 6 years)

Future income tax (a credit balance)

Accumulated Depreciation

Employee income taxes withheld

Trade receivables

Trade payables

Allowance for doubtful accounts

Current Income tax payable

Responses:

Current liability

Long-term liability

Current or long-term liability

None of the above

Correct Answer:

Premises:

Responses:

Rent payable

Payroll Income Taxes payable

Interest payable

Mortgage payable (due in 2 years)

Bond payable, current portion

Notes payable

Cash deposits (advances) received from customer for services to be performed in six months

Bonds payable (due in 6 years)

Future income tax (a credit balance)

Accumulated Depreciation

Employee income taxes withheld

Trade receivables

Trade payables

Allowance for doubtful accounts

Current Income tax payable