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    1. Chris Rock believes a current liability is a debt that can be expected to be paid in one year. Is Chris correct?
    Explain.

    © BrainMass Inc. brainmass.com December 24, 2021, 4:53 pm ad1c9bdddf
    https://brainmass.com/business/business-math/explaining-current-liability-13564

    SOLUTION This solution is FREE courtesy of BrainMass!

    Chris is correct.

    While this is generally true, more precisely a current liability is a debt that can reasonably be expected to be paid within one year or the operating cycle, whichever is longer.

    (current liabilities is a balance sheet item which equals the sum of all money owed by a company and due within one year. Also called payables or current debt. )

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    © BrainMass Inc. brainmass.com December 24, 2021, 4:53 pm ad1c9bdddf>
    https://brainmass.com/business/business-math/explaining-current-liability-13564

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