All of the following statements regarding liabilities are true except: multiple choice a liability is a probable future payment of assets or services. for a liability to be reported, it must be a present obligation that results from a past transaction or event, and requires a future payment of assets or services. information about liabilities is more useful when the balance sheet identifies them as either current or long term. liabilities can involve uncertainty in whom to pay. unearned future wages to be paid to employees should be recorded as liabilitie.

Xie company identified the following activities, costs, and activity drivers for 2017. the company manufactures two types of go-karts: deluxe and basic. activity expected costs expected activity handling materials $ 625,000 100,000 parts inspecting product 900,000 1,500 batches processing purchase orders 105,000 700 orders paying suppliers 175,000 500 invoices insuring the factory 300,000 40,000 square feet designing packaging 75,000 2 models required: 1. compute a single plantwide overhead rate, assuming that the company assigns overhead based on 125,000 budgeted direct labor hours. 2. in january 2017, the deluxe model required 2,500 direct labor hours and the basic model required 6,000 direct labor hours. assign overhead costs to each model using the single plantwide overhead rate.

Tom has brought $150,000 from his pension to a new job where his employer will match 401(k) contributions dollar for dollar. each year he contributes $3,000. after seven years, how much money would tom have in his 401(k)?

Increases in output and increases in the inflation rate have been linked to