Imagine that you own or work for a business and  discuss the following information:

• Identify and describe the type of business or organization you will be discussing.
• Discuss two examples of current liabilities that your business or organization might have. Please be specific.
• List one example of an estimated liability and one example of a contingent liability that your business or organization has or might have. Explain why it is estimated or contingent.
• How will these liabilities affect the financial statements?

Answer rating: 100% (QA)

I will discuss a retail business specifically a clothing store Two examples of current liabilities that the clothing store might have are 1 Accounts p... View the full answer