ACC 100 Chapter Notes - Chapter 9: Accounts Payable, Current Liability, Income Statement

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: na

Document Summary

Which of the following accounts is not classiied as a current liability: note payable, due in three (3) years, salaries payable, accounts payable, taxes payable. Current liabiliies are amounts or debts that are to be paid to creditors within twelve months (1 year): current liabiliies. Current liabiliies are to be paid during the year or within the operaing cycle, even if it is long: current liabiliies. The payment of accounts payable results in a(n) Increase in liabiliies and a decrease in owners" equity. a: decrease in liabiliies and an increase in owners" equity, decrease in liabiliies and a decrease in assets, decrease in liabiliies and an increase in assets. Paying back money owed/debt (accounts payable), reduces the amount in accounts payable and reduces cash: paying accounts payable. If a company purchases ,200 worth of inventory with terms of 2/10, n/30 on march 3 and pays march 12, then the amount paid to the seller would be: ,168, ,200, ,150, ,136.