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    Current Liabilities and Inclusion of Estimates

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    Name a company and what types of current liabilities might exist at the company?

    Describe at least three, and state if they are estimated liabilities or determinable liabilities.

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    Solution Preview

    From Yahoo Finance, I viewed the latest Form 8-K filed October 18 for Google. The current liabilities section of the condensed balance sheet shows five categories or line items:

    Accounts payable
    Accrued compensation and benefits
    Accrued expenses and other current liabilities
    Accrued revenue share
    Deferred revenue

    Accounts payable would normally be all determinable liabilities, but there certainly could ...

    Solution Summary

    The solution uses Google for an example and lists the actual current liabilities posted in a recent 8-K filed with the SEC. There is an explanation of each category of liabilities and those which might include estimated amounts.