Match each situation with its classification of liability or commitment. Product warranty Current portion of long-term debt
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Question:
Match each situation with its classification of liability or commitment.
Product warranty
Current portion of long-term debt
Purchase agreement
Accounts payable
Liability for vacation pay
Dividend to be declared in future
Payroll liabilities
Discounted note receivable
The lawsuit filed against the company
Guarantee of debt for other company
Unearned revenues
lease agreement
1.contingent liability
2.definitely determinable liability
3.estimated liability
4.commitment
5.not a liability or commitment
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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