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Is income tax an estimated liability?
is income tax estimated liability
Is estimated tax payable a current liability?
Yes, as tax is paid normally in next fiscal year so it is current liability and shown under current liability section
Which is an example of a current liability account?
materials
Is unearned revenues account is an example of a liability?
no
What an example of a decrease in an asset and a decrease in a liability?
Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
Is income tax an estimated liability?
is income tax estimated liability
What is the liability for product warranty claims is an example of a liability that?
Product warranty claims liability is an example of a liability that arises from a company's obligation to repair or replace products that are defective or do not meet the terms of the warranty. This liability represents the estimated cost of fulfilling these warranty claims and is recorded on the company's balance sheet as a potential expense that may need to be incurred in the future.
Is vacation pay an estimated liability?
Yes, Vacation pay is an estimated liability, You do not know when the employee will take vacation or if the employee may have received a raise between now and then. You do know however that the employee will take vacation and that in itself is a liability expense.
Where can someone estimate their Tax Liability online?
You can estimate your Tax Liability online on Virginia.gov. Tax Liability online helps you to determine your estimated tax liability and how many payments you should make.
Is estimated tax payable a current liability?
Yes, as tax is paid normally in next fiscal year so it is current liability and shown under current liability section
How do you record contingent liabilities?
A contingent liability is recorded in financial statements or books of accounts only if it is a probable contingency and if the liability amount can be estimated. No need to make a journal entryÊif the contingent liability is possible but not probable.Ê
Which is an example of a current liability account?
materials
Is unearned revenues account is an example of a liability?
no
What an example of a decrease in an asset and a decrease in a liability?
Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
What is a liability hazard?
A liability hazard is any type of hazardous situation that can cause a lawsuit. One example of a liability hazard would be an icy sidewalk outside your home.
What is the meaning of contigent liability?
I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
What is an example of a strict liability tort?
could it be wild animals
