Add-ons Help File EditView Insert Format Tools All changes saved in Drive 100 % BI U A P E E E E E Normal text Times New... , 11 2 5 6 3 4 1. What does the accounts payable turnover ratio measure? 2. What is the equation used to express accounts payable turnover (T/O) in days? 1 are notes payable due within one year (or operating cycle if longer). 2. At the end of each year, a company reclassifies the portion of its long-term debt principal payments that must be paid in the next year from to a current Part IV: Account for accrued liabilities and unearned revenue 3. The major operating expense for a merchandising company is payroll. True or false? 4. What payroll liabilities does salary expense create? A. Employee Income Tax Payable, Gross pay, FICA Tax Payable B. Salary Payable, Employee Income Tax Payable, Union dues C. Employee Income Tax Payable, FICA Tax Payable, Salary Payable D. Healthcare, Salary Payable, FICA Tax Payable 5. Every expense accrual, including payroll, has the same effect: because of the expense and