127. Classify each of the following items as a: Contingent liability, Estimated liability or Current liability. 1. Warranty on products sold this year Current liability 2. Property taxes payable Current liability 3. Payroll taxes payable Contingent liability 4. Income taxes payable Estimated liability 5. Unearned revenues Current liability 6. Accounts payable Estimated liability 7. Lawsuit against the company Estimated liability 8. Debt guarantees Estimated liability 9. Accrued wages payable Current liability 10. Vacation benefits Contingent liability

127. Classify each of the following items as a: Contingent liability, Estimated liability or Current liability. 1. Warranty on products sold this year Current liability 2. Property...

127. Classify each of the following items as a: Contingent liability, Estimated liability or Current liability.

1. Warranty on products sold this year	Current liability
2. Property taxes payable	Current liability
3. Payroll taxes payable	Contingent liability
4. Income taxes payable	Estimated liability
5. Unearned revenues	Current liability
6. Accounts payable	Estimated liability
7. Lawsuit against the company	Estimated liability
8. Debt guarantees	Estimated liability
9. Accrued wages payable	Current liability
10. Vacation benefits	Contingent liability

May 15, 2022

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