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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
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.
Which is an example of a current liability account?
materials
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
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.
Which is an example of a current liability account?
materials
What does a credit balance on partner's current account mean?
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.
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.
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.
What assets are likely to be assessed closest to market value?
· Cash and near-cash · Account receivables · Other current assets · Marketable securities
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.
