completion statements 204 a current liability is a debt that can be expected to be p 4325054

COMPLETION STATEMENTS

              204.A current liability is a debt that can be expected to be paid within ______________ year or the ______________, whichever is longer.

              205.Liabilities are classified on the balance sheet as being _______________ liabilities or ______________ liabilities.

              206.Obligations in written form are called ______________ and usually require the borrower to pay interest.

              207.With an interest-bearing note, a borrower must pay the ________________ of the note plus _________________ at maturity.

              208.Sales taxes collected from customers are a ______________ of the business until they are remitted to the taxing agency.

              209.The current ratio is current assets divided by ______________.

              210.A contingent liability should be recorded in the accounts if it is ______________ that the contingency will occur and the amount is ______________.

              211.Two federal taxes which are levied against employees' wages that must be deducted in arriving at net pay are (1)______________ taxes and (2)______________ taxes.

              212.The employer incurs a payroll tax expense equal to the amount contributed by each employee for ______________ taxes.

              213.A payroll tax expense which is borne entirely by the employer is the federal _______________ tax.

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