Please answer the following True or False questions: 1. When a liability is accrued, the...
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Accounting
Please answer the following True or False questions:
1. When a liability is accrued, the account debited in the transaction is a stockholders equity account.
2. A company gives a two-year warranty for its product. The estimated liability for product warranties is a current liability.
3. Estimated liability for product warranties to be paid in the future is a current liability.
4. The liability for a premium offer estimated to be redeemed is not a current liability.
5. If you plan to invest $10,000 and want to determine how much will be accumulated in six years if you earn interest at 7% per year, you would calculate this using the future value of an annuity.
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