Amounts to be received in the future from client for distribution of commodities or services in the existing period
is a written promise to pay a specified amount on a identify future date within one year or the company"s operating cycle, whichever is longer.

You are watching: All of the following statements regarding long-term liabilities are true except?


Obligations not expected to be payment within the longer of one year or the company"s operating cycle space reported as:
A firm sold $12,000 precious of bicycles with an extensive warranty. It estimates that 2% of these sales will result in vouch work. The firm should:
The difference in between the amount got from issuing a note payable and the quantity repaid at maturity is referred to as:
The rate that a state assigns mirroring a company"s security or instability in employing workers is the:
not contingent liabilities because they space future events not occurring from previous transactions or events.
A short-term keep in mind payable is a created promise to salary a mentioned amount on a identify future day within one year or the operation cycle, whichever is shorter.

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liabilities that carry out not have actually a solved due date, however are payable ~ above demand, room reported as long-term liabilities.
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Corporate Finance (The Mcgraw-Hill/Irwin collection in Finance, Insurance, and also Real Estate)11th EditionBradford D. Jordan, Randolph W. Westerfield, Stephen A. Ross
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