User Account

All Pages

What are accrued liabilities

Assignment Help Accounting Basics
Reference no: EM132462309

Presented below is the current liabilities section of Micro Corporation.

 

2021
($000)

2020
($000)

Current liabilities

 

 

Notes payable

$      68,713

$        7,700

Accounts payable

179,496

101,379

Compensation to employees

60,312

31,649

Accrued liabilities

158,198

77,621

Income taxes payable

10,486

26,491

Current maturities of long-term debt

16.592

6,649

Total current liabilities

$ 493.797

$ 251.489

Question 1: What are the essential characteristics that make an item a liability?

Question 2: How does one distinguish between a current liability and a long-term liability?

Question 3: What are accrued liabilities? Give three examples of accrued liabilities that Micro might have.

Question 4: What is the theoretically correct way to value liabilities? How are current liabilities usually valued?

Question 5: Why are notes payable reported first in the current liabilities section?

Question 6: What might be the items that comprise Micro's liability for "Compensation to employees"?

Reference no: EM132462309

Questions Cloud

Are independence-related sec rules are being violated : Are independence-related SEC rules are being violated? Explain reasoning. large inventory items to verify the company accounting estimates as part of the audit
Is BDB independent with respect to the audit : Is BDB independent with respect to the audit of Unigate's 2018 financial statements? Explain the reasoning.Interim audit procedures relating to Unigate's 2018
What reported relative to situation in financial statement : What should be reported relative to each situation in the financial statements and accompanying notes and explain why?
What is the present value of these cash flows : If the discount rate is 10 percent, what is the present value of these cash flows? What is the present value if the discount rate is 18 percent
What are accrued liabilities : What is the theoretically correct way to value liabilities?How does one distinguish between a current liability and a long-term liability?
ECO6002 Managerial Economics Assignment : ECO6002 Managerial Economics Assignment Help and Solution, Skyline University College - Assessment Writing Service - Estimation and Analysis of Demand
Calculate the Jane work opportunity tax credit : He was paid $36,000 during his first year, of which $10,000 was paid in 2018. Calculate the Jane's work opportunity tax credit (WOTC) for 2019
Compute the taxpayer casualty loss deduction : The insurance company reimbursed the taxpayer $2,000 for its loss. Compute the taxpayer's casualty loss deduction for the property
What is equity method balance in the investment in lindman : What amount of equity method income would Matthew recognize in 2018 from its ownership interest in Lindman?What is the equity method balance in the Investment

Reviews

Write a Review

Accounting Basics Questions & Answers

  The empirical evidence reveals that very few firms change

the empirical evidence reveals that very few firms change their standard prices and standard quantities during the

  Prepare a simple balance sheet of assets

Prepare a simple balance sheet of assets and liabilities for the bank immediately after the deposit is received.

  What is the project expected NPV

The Year 5 values include salvage value. Pediatric Partners' corporate cost of capital is 12 percent. What is the project's expected NPV

  Large global manufacturing and services organization

You are a manager in a large global manufacturing and services organization. You are trying to explain to your grandfather how different your job is from his before he retired 10 years ago.

  James co has two producing departments each producing

james co has two producing departments. each producing department is held responsible for a share of the costs of the

  Edison stagg and thornton have the following financial

edison stagg and thornton have the following financial information at the close of business on july

  Revision of depreciation equipment with a cost of 300000

revision of depreciation equipment with a cost of 300000 has an estimated residual value 42000 has an estimated useful

  Find amount of depreciation expense on consolidated income

The amount of depreciation expense on the consolidated income statement for 2011 would have been

  Discuss the above sale in its consolidated statements

How would J & J account for the above sale in its consolidated statements

  What is difference between prepaid rent and deferred rent

Refer to the Lowe's 2012 10-K. What is the difference between prepaid rent and deferred rent? Describe in general terms what accrued liabilities are

  Perine company has 2000 pounds of raw materials in its

perine company has 2000 pounds of raw materials in its december 31 2013 ending inventory. required productionf for

  What you feel are the one or two specific skills necessary

Select a specific industry and share what you feel are the one or two specific skills necessary in that industry to interpret their financial statements. Explain with examples.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd