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Types of Liabilities se5. Indicate whether each of the following is (a) a definitely determinable   liability, (b) an estimated liability, (c) a commitment, or (d) a contingent liability: 1.   ...

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Types of Liabilities

se5. Indicate whether each of the following is (a) a definitely determinable   liability,

(b) an estimated liability, (c) a commitment, or (d) a contingent liability:

1.    Dividends payable

2.    Pending litigation

3.    Income taxes payable

4.    Current portion of long-term debt

5.    Vacation pay liability

6.    Guaranteed loans of another company

7.    Purchase agreement

Answered Same Day Dec 25, 2021

Solution

Robert answered on Dec 25 2021
120 Votes
Types of Liabilities se5. Indicate whether each of the following is (a) a definitely
Determinable liability, (b) an estimated liability, (c) a commitment, or (d) a contingent
liability:
1. Dividends payable
A commitment as dividend once declared becomes an obligation and commitment to be
fulfilled.
2. Pending...
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