Classify Each of the Following Items as Either

question 31

Essay

Classify each of the following items as either:
1.Known current liability.
2.Estimated liability.
3.Contingent liability.
Pending lawsuit
Warranty liability on $150,000 worth of products sold
Accounts payable
Income taxes payable
CPP payable
Interest payable
Environmental liability
Property taxes payable
Payroll taxes payable
Unearned revenues

---

Definitions:

Middle Adulthood

A phase in the human life cycle typically occurring from ages 40 to 65, marked by increased personal and professional stability, but also by awareness of aging and mortality.

High School Seniors

Students in their final year of high school, typically focusing on completing graduation requirements and preparing for post-secondary education or careers.

Great Risk

A situation or action that involves a high likelihood of experiencing significant or severe negative outcomes.

Marijuana Use

The act of consuming marijuana, a psychoactive drug from the Cannabis plant, which can have various effects including altered states of mind and mood.