Classify each of the following items as current liability (CL), long-term liability (LT), contingent liability (CO), estimated liability (EL), disclosure only (DO) or no liability (NL) | |||||||
Note: some but not all may have two classifications. | |||||||
Account | CL | LT | CO | EL | DO | NL | |
Federal income taxes withheld | |||||||
Lawsuit against the company considered probable and not estimable at this time | |||||||
Warranty on products sold | |||||||
Accounts payable | |||||||
Vacation benefits | |||||||
15 year building mortgage | |||||||
Unearned revenues | |||||||
FICA taxes payable | |||||||
Product recall due to injuries, but no lawsuits filed | |||||||
Salaries payable | |||||||
Proposed fine by the EPA of $25,000 that has probable cause | |||||||
Accrued Interest | |||||||
Employee benefits withheld | |||||||
Note receivable - Due in 90 days | |||||||
Property taxes payable | |||||||
Company guaranteed the debt of a vendor to aid in production | |||||||
Consignment inventory | |||||||
5 year installment truck loan | |||||||
60 day Promissory Note Payable | |||||||
Pension Payable |
the table is filled below
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