Which of the following liabilities would most likely be listed last on a statement of financial position? Select one:a. Bonds payable, due in 20 years. b. Accounts payable. c. Note payable, due in 3 years. d. Income taxes payable.

Question

Business

Neil Pace

11 December, 03:37

Which of the following liabilities would most likely be listed last on a statement of financial position? Select one:a. Bonds payable, due in 20 years. b. Accounts payable. c. Note payable, due in 3 years. d. Income taxes payable.

+4

Answers (1)

Know the Answer?

Devan Andrews · Answer 1

Bonds payable, due in 20 years would most likely be listed last on a statement of financial position.

The correct answer is A.

Explanation:

Bonds payable is a long-term liability. It would be listed last in the statement of financial position.

Accounts payable is a current liability. It would be listed before bonds payable, due in 20 years.

Notes payable is also a long-term liability but has a shorter maturity when compared with bonds payable, due in 20 years. Thus, it would be listed before bonds payable.

Income tax payable is a current liability. Therefore, it would be listed before bonds payable, due in 20 years.