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Author Question: Identify each of the items below as a(n): definitely determinable liability estimated ... (Read 76 times)

rlane42

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on: Jul 5, 2018
Identify each of the items below as a(n):
 
   definitely determinable liability
   estimated liability
 
  a. amount of warranty obligations
  b. amount owed on outstanding loans
  c. amount owed to employees for work performed
  d. amount owed to suppliers for inventory purchases
  e. amount owed for employee payroll taxes

Question 2

Maxine, Inc. bought a machine on January 1, 2010 for 24,000. The machine is expected to last for 8 years, after which it will be worthless. How much accumulated depreciation will Maxine report at December 31, 2011?
 
  A) 24,000
  B) 16,000
  C) 3,000
  D) 6,000


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briseldagonzales

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Reply #1 on: Jul 5, 2018
Answer to Question 1

a. estimated liability
b. definitely determinable
c. definitely determinable
d. definitely determinable
e. definitely determinable

Answer to Question 2

D


rlane42

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Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

nothere

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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