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Problem - (Nature of Liabilities) Presented below is the current liabilities section of Micro Corporation.
($000)
2018
2017
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
Instructions- Answer the following questions.
(a) What are the essential characteristics that make an item a liability?
(b) How does one distinguish between a current liability and a long-term liability?
(c) What are accrued liabilities? Give three examples of accrued liabilities that Micro might have.
(d) What is the theoretically correct way to value liabilities? How are current liabilities usually valued?
(e) Why are notes payable reported first in the current liabilities section?
(f) What might be the items that comprise Micro's liability for "Compensation to employees"?
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