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kkurt [141]
3 years ago
7

When a liability is first recorded, it is _____. reported as a current liability. reported as a long-term liability. measured in

terms of the probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. recorded only if it must be paid within the current operating cycle or one year, whichever is longer. recorded only if it must be paid within the current operating cycle or one year, whichever is shorter.
Business
1 answer:
bekas [8.4K]3 years ago
7 0

Answer:

measured in terms of the probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events.

Explanation:

According to my research on financial accounting terms, the term liability is defined as the state of being legally responsible for something (dept such as auto or student loans). When a liability is first recorded it is measured in terms of the probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. Basically calculating the amount of future payments that need to be made by the dept owner.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

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Exercise 7-9 Variable and Absorption Costing Unit Product Costs and Income Statements [LO7-1, LO7-2, LO7-3]
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Answer:

1 a. Year 1 unit product cost = 45

     Year 2 unit product cost = 45

Notes: Unit product cost = Direct materials + direct labor + Variable manufacturing overhead = 25 + 15 + 5 = 45 units

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Sales                                         2,400,000    3,000,000

(40000*60); (50000*60)

Less:

Variable cost of goods sold     1,800,000     2,250,000    

Variable selling and adm.          80,000         100,000

Contribution margin                520,000        650,000

Less:

Fixed manufacturing overhead  250,000      250,000    

Fixed selling & adm expense      80,000         80,000

Net income                                  $190,000     $320,000

2 a.  Notes

                                                             Year 1   Year 2

Direct materials                                      25     25  

Direct labor                                              15     15  

Variable manufacturing overhead         5         5  

Fixed manufacturing overhead             <u> 5      6.25</u>

(250,000/50,000); (250,000/40000)

Unit product cost                                    50    51.25

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administrative expense  

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in ending inventory (10000*5)  

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in beginning inventory(10000*5)

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Answer:

Explanation:

See attachment below

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Answer:

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