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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 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.

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 ...

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