Solution-What are accrued liabilities

What are accrued liabilities

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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

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What are accrued liabilities

Reference no: EM132462309

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