Liabilities

Question 1

Notes Payable (short-term)

Answer 1

Current Liabilities

Question 2

Accounts Payable

Answer 2

Current Liabilities

Question 3

Trade and other Payables

Answer 3

Current Liabilities

Question 4

Accrued Interest Expense on Notes Payable

Answer 4

Current Liabilities

Question 5

Income Tax Payable

Answer 5

Current Liabilities

Question 6

Estimated Tax expense

Answer 6

Current Liabilities

Question 7

Bank Overdraft (but not the same bank)

Answer 7

Current Liabilities

Question 8

Rent Payable

Answer 8

Current Liabilities

Question 9

Salaries Payable

Answer 9

Current Liabilities

Question 10

Interest Payable

Answer 10

Current Liabilities

Question 11

Withholding Taxes Payable

Answer 11

Current Liabilities

Question 12

Wages Payable

Answer 12

Current Liabilities

Question 13

Cash dividends payable

Answer 13

Current Liabilities

Question 14

Property dividends payable

Answer 14

Current Liabilities

Question 15

Provisions

Answer 15

Current Liabilities

Question 16

Warranty Liability

Answer 16

Current Liabilities

Question 17

Premium Liability

Answer 17

Current Liabilities

Question 18

Current tax liability

Answer 18

Current Liabilities

Question 19

Financial liability held for trading

Answer 19

Current Liabilities

Question 20

Advances from customers

Answer 20

Current Liabilities

Question 21

Credit balance in customer’s account

Answer 21

Current Liabilities

Question 22

Undelivered checks

Answer 22

Current Liabilities

Question 23

Current portion of noncurrent liabilities

Answer 23

Current Liabilities

Question 24

Premium on Bonds Payable (if Bonds Payable is current)

Answer 24

Current Liabilities (added)

Question 25

Discount on Bonds Payable (if Bonds Payable is current)

Answer 25

Current Liabilities (deducted)

Question 26

Estimated liabiity for coupon

Answer 26

Current Liabilities

Question 27

Accounts Receivables with credit balance

Answer 27

Current Liabilities

Question 28

Advances from officers, short-term

Answer 28

Current Liabilities

Question 29

Gift certification

Answer 29

Current Liabilities

Question 30

SSS, Philhealth, PAG-IBIG, GSIS

Answer 30

Current Liabilities

Question 31

Operating Lease Liability

Answer 31

Current Liabilities / Noncurrent Liabilities (depends)

Question 32

Operating Lease Liability, long-term

Answer 32

Noncurrent Liabilities

Question 33

Utilities Payable

Answer 33

Current Liabilities

Question 34

Redeemable preference shares

Answer 34

Current Liabilities

Question 35

Estimated liability for damages

Answer 35

Current Liabilities

Question 36

VAT Output

Answer 36

Current Liabilities

Question 37

VAT Input

Answer 37

Current Liabilities

Question 38

VAT Payable

Answer 38

Current Liabilities

Question 39

Mortgage Payable

Answer 39

Noncurrent Liabilities

Question 40

Bonds Payable

Answer 40

Noncurrent Liabilities (if the problem is silent)

Question 41

Senior Bonds Payable

Answer 41

Noncurrent Liabilities

Question 42

Serial Bonds payable

Answer 42

Noncurrent Liabilities

Question 43

Deferred Tax Liability

Answer 43

Noncurrent Liabilities

Question 44

Noncurrent portion of long-term debt

Answer 44

Noncurrent Liabilities

Question 45

Financial lease liability

Answer 45

Current Liabilities

Question 46

Long-term obligations to company’s officers

Answer 46

Noncurrent Liabilities

Question 47

Advances from affiliates

Answer 47

Noncurrent Liabilities

Question 48

Advances from associates

Answer 48

Noncurrent Liabilities

Question 49

Advances from subsidaries

Answer 49

Noncurrent Liabilities

Question 50

Security deposits

Answer 50

Noncurrent Liabilities