Classify Each of the Following Items as a Contingent Liability

question 177

Essay

Classify each of the following items as a contingent liability, estimated liability, or current liability:
$\begin{array}{ll}\text { 1. Accrued wages payable. } & \text { Contingent liability } \\\text { 2. Payroll taxes payable. } & \text { Estimated liability } \\\text { 3. Lawsuit against the company. } & \text { Current liability } \\\text { 4. Warranty on products sold this } & \text { Estimated liability } \\\text { year. } & \\\text { 5. Accounts payable. } & \text { Estimated liability } \\\text { 6. Vacation benefits. } & \text { Current liability } \\\text { 7. Property taxes payable. } & \text { Contingent liability } \\\text { 8. Income taxes payable. } & \text { Estimated liability } \\\text { 9. Unearned revenues. } & \text { Current liability } \\\text { 10. Debt guarantees. } & \text { Current liability }\end{array}$

Analyze the effects of price discrimination on consumer surplus and deadweight loss.

Comprehend the role of price discrimination in maximizing profits in monopolistic markets.

Identify the strategy for maximizing profits through price differentiation based on demand elasticity.

Understand the basic terminology and classifications of depressive disorders.

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Definitions:

Nonoccurrence

Refers to an event that was expected or scheduled to take place but did not actually occur.

Basic Assumption

An underlying, fundamental premise or belief that is accepted as true without proof.

Tender Can Be Made

Indicates that an offer or presentation of payment or performance in accordance with the terms of a contract is possible or has occurred.

Day Or Night

A term used to indicate that an action or operation can occur at any time within a 24-hour period.