which of the following is a current liability? course hero

Which of the following should not be classified as a current liability?

Of the following items, the only one which should not be classified as a current liability is Short term obligations expected to be refinanced An account which would be classified as a current liability is None of these: 1. Dividends payable in the company's stock 2. Accounts payable: Debit balances 3.

What are the short-term liabilities of Lance company?

Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90-day notes, renewable for another 90-day period. These notes should be classified on the balance sheet of Lance Company as a. current liabilities. b. deferred charges.

What is the relationship between present value and concept of liability?

There is no relationship between the two. What is the relationship between present value and the concept of a liability? a. Present values are used to measure certain liabilities. b. Present values are not used to measure liabilities. c. Present values are used to measure all liabilities. d.

What is the difference between current and long term liabilities?

Current liability if the creditor intends to call the debt within the year, otherwise a long-term liability. c. Current liability if it is probable that creditor will call the debt within the year, otherwise a long-term liability. d. Current liability.

What is the ability to consummate the refinancing of a short term obligation?

All of these: 1. Actually refinancing the obligation by issuing a long term obligation after the date of the balance sheet but efore it is issued.

What is the liability for compensated absences?

The amount of the liability for compensated absences should be based on. 1. The current rates of pay in effect when employees earn the right to compensated absences. 2. The future rates of pay expected to be paid when employees use compensated time.

Is Accounts payable reported at present value?

Accounts payable should not be reported at their present value. Among the short term obligations of Lance Company as of Dec 31, the balance sheet date, are notes payable totaling $250k with the National Bank. These are 90 day notes, renewable for another 90 day period.