Classify Each of the Following Items as Either

question 49

Essay

Classify each of the following items as either:
a.Current liability
b.Long-term liability
c.Not a liability
1.30-day promissory note
2.Payment of a 4-year term loan due this year
3.Salaries payable
4.Debt guarantees
5.FICA taxes payable
6.Income taxes payable
7.Payment of a 30-year term loan due this year
8.Payment of a 30-year term loan due next year.(The company's operating cycle is 2
months.)
9.Warranty work completed this year
10.Accounts payable

---

Definitions:

Physiological Needs

Basic physical requirements for human survival, such as food, water, shelter, and oxygen, as per Maslow's hierarchy of needs.

Paralytic Ileus

A medical condition characterized by a temporary halt in the movement of the bowel, leading to symptoms such as abdominal pain and bloating.

Inductive Reasoning

A method of reasoning in which conclusions are formed based on observed patterns, starting from specific observations and moving to broader generalizations.

Deductive Reasoning

A logical process where a conclusion follows necessarily from the given premises; if the premises are true, the conclusion must be true.