Match Each of the Following Current Liabilities with Its Meaning

question 38

Multiple Choice

Match each of the following current liabilities with its meaning.
-State income taxes

• A)Account payable
• B)Note payable
• C)Wages payable
• D)Interest payable
• E)Sales taxes payable
• F)FICA taxes payable
• G)Unemployment taxes payable
• H)Unearned sales revenues
• I)Estimated warranty liability

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Definitions:

Corporate Shell

A legal entity with no significant assets or operations, often used to facilitate business transactions like mergers or to hold assets.

Control Block

An interest controlling 50% of outstanding votes plus one; thereby it may decide the fate of the firm.

Corporate Takeover

The acquisition of one company by another, either through direct purchase or through the accumulation of a majority of its stock shares.

Distribution

The process of delivering products or services from the producer to the final consumer.