Question

Accounting 2 chapter 13 . this is only the information for us to answer

Answer 1

Current Liabilities:

Three Essential Characteristics:

1) It is a present obligation which settles by probable future transfer or use of cash, goods, or services
2) It is an unavoidable obligation
3) The transaction or event creating the obligation should already occurred

Operating Cycle:

It is the time period elapsing between the acquisition of goods and services involved in the manufacturing process and the final cash realization through sales and subsequent collections.

Typical Current Liabilities:

- Accounts Payable
- Notes Payable
-Current Maturities of Long-Term Debt

Accounts Payable:

Accounts Payable are balances payable to others for goods, supplies, or services purchases on open account.

Notes Payable:

Ntes payable are written promises to pay a certain sum of money on a future date whicha was specified in earlier.

Current Maturities of Long-Term Debt:

When a long-term obligation finally becomes payable within the next year, it should be shown in current liabilities.

Note:

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