Which of the Following Is Not a Current Liability

Which one of the following is not a current liability. Rent revenue received in advance.

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Wage expense is the cost of labor that a company incurs in a given time.

. 100 4 ratings S No. Current liabilities are amounts owed and due to be repaid within one year or within one operating cycle. Wages expense is an income statement account not a balance sheet account.

-It results from past transactions or events. Bonds payable are long-term liabilities that represent money lent to the firm. Which of the following is not a current liability.

A long-term note payable maturing within the coming year. Examples of current liabilities include accounts payables. 1Which of the following is not a current liabilityAccounts payableA note payable due in 2 yearsCurrent portion of longterm debtSales tax payable2Liabilities are defined asResources owed by an entity as a result of past transactionsResources owned by an entity as a result of past transactionsSelling products and services to customers in the current.

Short-term obligations expected to be refinanced. Which of the following is not a current liability. Hence the correct option is C.

Which of the following is not a current liability. Estimated liability from cash rebate program. -It arises from present obligations to other entities.

Which of the following is NOT an example of a current liability. C An account which would be classified as a current liability is a. Which of the following is a characteristic of a current liability but not a non-current liability.

Answer Explanations 1 A Note Payable due in 2 years Accounts Payable is a liability payable in less than a year. Which of the following is a non-current liability. Current portion of long-term debt.

The excess of current assets over current liabilities is called working capital. Accounts payable is reported as a current liability on the balance sheet. Which of the following is not a current liability.

It must be payable in cash. A non-current liability refers to the financial obligations of a company that are not expected to be settled within one year. Explanation for correct answer.

-It must be payable in cash. Of the following which typically would not be classified as a current liability. Which of the following is not a current liability.

Accounting questions and answers. Redeemable debentures are not current liabilities. In PALLIDs 20x1 financial statements how much is presented as current liability in relation to the loan payable.

View the full answer. Investors and creditors review non-current liabilities to assess solvency and leverage of a company. 2 Year Note Payable is a long term liability Current portion of long term debt is an amount payable in next year Sales tax should.

Property plant and equipment. Which of the following is not a current liability. D Current liabilities are obligations in which payments are due within one year.

Salaries and Wages Payable b. Which of the following is not a current liability. Sold within one.

A company may exclude a short term obligation from current liabilities if the firm intends to refinance the obligation on a long term basis. Page 2 PALLIDs 20x1 financial statements were authorized for issue on March 15 20x2. Multiple Choice O Cur nt portion of long-term debt O Accounts Payable O A Note Payable due in 2 years O Sales Tax Payable.

A liability which is payable within next accounting year is considered as short-term liabilityand all other liabilities are considered as long term or no current liabilitiesThe Component of a twenty year note payable due in year 20 is a Long Term liability. Current portion of long-term debt. Wages payable is the amount of money that a company owes to its employees for work that has been performed but not yet paid for.

The following transactions took place in Smallville Company during April of the current year 2020. It is not true that current assets are resources that are expected to be. Which of the following is not a current liability.

Dividends payable in the companys stock. The contract on the 2000000 loan payable does not state any refinancing or roll over option. Equipment is classified on the balance sheet as.

Current liabilities are listed on the balance sheet and are paid from the revenue generated by the operating activities of a company. Salary payable is reported as a current liability on the balance sheet. Of the following items the only one which should not be classified as a current liability is a.

April 1 - Issued 2500 new shares of common stock for 343000 April 3 - Purchased merchandise of 7600 on account from Prescott Co terms FOB destination 210 n30. Examples of non-current liabilities include long-term leases bonds payable and deferred tax liabilities. -It represents a probable future sacrifice of economic benefits.

Correct option is B Debentures issued by the company represents a long term debt which carries a charge of interest. The following are the list of Non-Current Liabilities items that normally found in the Statement of Financial Position. Current maturities of long-term debt.

A company may exclude a short term obligation from current liabilities if the firm can demonstrate an ability to consummate a. The most common current liabilities are accounts payable an electric bill for example and notes payable. The capital of a business is the amount which the owner or owners of the business contribute.

A six-month bank loan to be paid with the proceeds from the sale of common stock. Which of the following is not a characteristic of a liability. A Taxes payable B Accounts payable C Wages payable D Wage expense Answer.

Bookkeepingtips What Is A Non Current Liability It S Definitely Important That As A Business Owner You Are Able To D Financial Statement Bookkeeping Tax Debt

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