c Estimated property taxes. d. A commitment to pay a certain entertainer $30,000

Question

c Estimated property taxes. d. A commitment to pay a certain entertainer $30,000 e. Estimated income taxes. f. he unul a th months. The guarantee of $250,000 worth of a subsidiary's debt. Problem 5 contingency, or contingent Indicate whether each of the following items is a real liability, loss c liability: a. Debt guarantee of a subsidiary's loan b. Note payable due in ninety days c. Liability for income tax d. Salaries payable Liability due to a pending lawsuit e. f Liability for product warranty g. Accounts payable Problem 6 Jack and Sally Corporation acquired a sixty-day note payable for $30,000 with an i rate of 10 percent.

Explanation / Answer

Sr. No: Particulars Answer   a) Debt Guarantee of a subsidary's Loan Contingent Liability b) Note Payable due in 90 Days Real Liability c) Liability for income tax Real Liability d) Salaries Payable Real Liability e) Liability due to pending law suits Contingent Liability f) Liabillity for product Warranty Contingent Liability g) Account Payable Real Liability

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