Why is Accounts Payable classified as a current liability?
Question:
Why is Accounts Payable classified as a current liability?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (12 reviews)
An Accounts Payable is an account established to record amounts owed by a b...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
For an investment to be classified as a current asset, a. The investment must be easily convertible to cash. b. The investor must intend to convert the investment to cash within one year or current...
-
a. 1. Are inventories classified as a current asset? Comment. 2. Does it appear that inventories are a highly liquid asset? b. 1. Goodwill impairment'what does this imply? 2. Comment on the review of...
-
Specify what amounts will be reported as a current liability and a long-term liability on the December 31, 2020 balance sheet: Blue Sky Co. had $8.6 million in 15% notes, maturing in May 2021, that...
-
The Electronic Industries Association reports that about 50% of U.S. households have a camcorder. For a randomly selected sample of 800 U.S. households, use the normal approximation to the binomial...
-
Gabriel Corporation is owned 90% by Zeier Corporation and 10% by Ray Goff, a Gabriel employee. A preliquidation balance sheet for Gabriel is presented below: Gabriel has claimed $150,000 of MACRS...
-
What makes competition an EBT?
-
A rectangular cartop carrier of \(1.6-\mathrm{ft}\) height, \(4.0-\mathrm{ft}\) length (front to back), and 4.2-ft width is attached to the top of a car. Estimate the additional power required to...
-
Vidro Company prepares monthly cash budgets. Relevant data from operating budgets for 2011 are: All sales are on account. Collections are expected to be 60% in the month of sale, 30% in the first...
-
As a health coach dealing with obese individuals, Give one example of a time you deferred to your group or family culture to make a moral decision.?
-
Direct Co sells an item whose demands over the next 4 months are 100, 140, 210, and 180 units, respectively. The company can stock just enough supply to meet each month's demand, or it can overstock...
-
Match each of the following accounts with the appropriate transaction or description. A. Sales Tax Payable B. Income Taxes Payable C. Current portion of a long-term note payable D. Interest Payable...
-
Which of the following is not considered a current liability? A. Accounts Payable B. Unearned Revenue C. The component of a twenty-year note payable due in year 20 D. Current portion of a noncurrent...
-
In the Preview section at the beginning of this chapter we reported a study by Wegesin and Stern (2004) that found greater consistency (less variability) in the memory performance scores for younger...
-
Take a postcard-sized envelope, or a half-sheet of A4 paper, and create an elevator pitch (EP) for your group project. Share your pitch with a project team member to gain feedback and then refine the...
-
Reflect back on a recent project you have been involved in which necessitated contractual negotiations. How did the negotiations consider the four essential elements of a contract?
-
Look up the forest taxes implemented across the country, and consider the advantages and problematic points of each.
-
Interview someone who works in a field you are interested in pursuing. (a) How did they get started in the field? (b) How important is project management in the field? In their current job? (c) What...
-
Interview someone who has worked as a project manager or project management professional. Find out. (a) How did they get started in the field? (b) How has their career progressed? (c) What advice...
-
Compare and contrast the Tannenbaum-Schmidt Continuum of Leader Behavior with Fiedler's Leadership Contingency Model.
-
State whether each of the following will increase or decrease the power of a one-way between-subjects ANOVA. (a) The effect size increases. (b) Mean square error decreases. (c) Mean square between...
-
Samsung (Samsung.com) is a leading global manufacturer, and it competes to varying degrees with both Apple and Google. Key financial figures for Samsung follow. Key Figure* Korean Won in Millions...
-
Review the Apple balance sheet in Appendix A. Identify three accounts on its balance sheet that carry debit balances and three accounts on its balance sheet that carry credit balances.
-
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a. Cash b. Prepaid Rent c. Office Supplies d. Prepaid Insurance e. Office Equipment f. Common Stock g....
-
Large-scale industrial production - accompanied by massive technological change, expanding international communication networks, and pro-growth government policies-generated rapid economic...
-
How can this relate to individuals who have had a TBI and are currently homeless or marginally housed?
-
1. According to Marxian theory, are crises an economic process inherent to the accumulation dynamics of current capitalism? Justify your answer. 2. According to Marxian theory, what do you consider...
Study smarter with the SolutionInn App