2. (20 points) Classify each of the following items as either: A. Estimated liability B. Contingent...
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2. (20 points) Classify each of the following items as either: A. Estimated liability B. Contingent liability C. Known liability Put the letter of your answer on the line next to the term 1. Lawsuit against the company 2. Warranty on products sold this year 3. Accounts payable 4. Income taxes payable 5. Vacation benefits 6. Accrued wages payable 7. Debt guarantees 8. Sales taxes payable 9. Payroll taxes payable 10. Unearned revenues 2. (20 points) Classify each of the following items as either: A. Estimated liability B. Contingent liability C. Known liability Put the letter of your answer on the line next to the term 1. Lawsuit against the company 2. Warranty on products sold this year 3. Accounts payable 4. Income taxes payable 5. Vacation benefits 6. Accrued wages payable 7. Debt guarantees 8. Sales taxes payable 9. Payroll taxes payable 10. Unearned revenues
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Related Book For
Hospitality Financial Accounting
ISBN: 978-0470083604
2nd Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.
Posted Date:
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