Identify Each of the Liabilities Listed Below Using the Following

question 212

Short Answer

Identify each of the liabilities listed below using the following code:
a.definitely determinable liability
b.estimated liability
_______ 1.purchased merchandise on account
_______ 2.had the employees work all month but won't pay them until next month
_______ 3.owes the bank interest on an outstanding loan
_______ 4.withheld $9,000 from the employees' earnings for payroll taxes
_______ 5.sold 1,000,000 units during the current period and agreed to fix or replace each unit sold if it did not last two years or completely satisfy the customer
_______ 6.borrowed money from a local bank

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Definitions:

ATC Curve

Average Total Cost Curve, a graphical representation in economics that shows the average total cost of producing different quantities of a good or service.

Variable Cost Curve

A graphical representation showing how total variable costs change with changes in output level.

Total Cost Curve

In economics, a graphical representation that shows how total cost changes with changes in the quantity of output produced.

Break-Even Point

The financial point where total costs and total revenues are exactly equal, meaning there is no profit or loss.