MGT120H5 Chapter Notes - Chapter 9: Accounts Payable, Promissory Note, Current Liability
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MGT120H5 Full Course Notes
Verified Note
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Document Summary
Current liabilities obligations due within one year. Long-term liabilities obligations due over a year. Current liabilities are either known amounts or estimated amounts. Current liabilities of known amounts: interest payable, etc. ) Accounts payable amounts owed for purchases on credit. Accrued liabilities comes from an expense (i. e. salary payable, Short-term notes payable notes payable due within a year. Sales tax payable amount of sales tax owed to the government. Payroll payable employee compensation (i. e. salary payable, Unearned revenue liability for goods or service that a customer. Current portion of long term debt amount of principal that is has paid for but not received. Estimated warranty payable cost of warranties offered by companies. Contingent liabilities possible obligation that arises from past events and whose existence will be confirmed only by occurrence of future events not within the control of the company (i. e. lawsuit in progress)
