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Is installment receivables a current asset?
No. A/R are current assets because the company expects to receive payment/or use the assets within a year. Installment receivables can be extended past the year. Some furniture and car installment loans of course can go past 5 years. The
Is provision for depreciation is current liability?
NO, it is not a liability it is a con-tra account
Which is an example of a current liability account?
materials
Current installment of long term debt?
The current portion of long-term debt is usually broken out to an a liability account known as Current Portion-Long Term Debt. This is usually for a 12-month period. Using the amortization schedule for the loan, debit the long-term note account for the 12 month period of principal and credit the short-term liability account. Then when the payment is made, debit the principal to the short-term account and the interest to interest expense.
What does a credit balance on partner's current account mean?
current liability
Is installment receivables a current asset?
No. A/R are current assets because the company expects to receive payment/or use the assets within a year. Installment receivables can be extended past the year. Some furniture and car installment loans of course can go past 5 years. The
Is provision for depreciation is current liability?
NO, it is not a liability it is a con-tra account
Which is an example of a current liability account?
materials
Current installment of long term debt?
The current portion of long-term debt is usually broken out to an a liability account known as Current Portion-Long Term Debt. This is usually for a 12-month period. Using the amortization schedule for the loan, debit the long-term note account for the 12 month period of principal and credit the short-term liability account. Then when the payment is made, debit the principal to the short-term account and the interest to interest expense.
What does a credit balance on partner's current account mean?
current liability
Which is a current liability account?
Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.
Is current account a liability?
Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.
What type of account is unearned fees?
a paper in current assets in liability
The Common Stock Distributable account is classified as a current liability?
FALSE!
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
The classification and normal balance of the accounts payable account is?
The classification of Accounts Payable is liability, and a current liability, it has a normal credit balance, and is found on the Balance Statement as a permanent account.
What assets are likely to be assessed closest to market value?
· Cash and near-cash · Account receivables · Other current assets · Marketable securities
