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CA13-1(Nature of Liabilities)Presented below is the current liabilities section of Micro Corporation.

($000)

2018

2017

Current liabilitiesNotes payable$68,713$ 7,700Accounts payable179,496101,379Compensation to employees 60,312 31,649Accrued liabilities158,198 77,621Income taxes payable 10,486 26,491Current maturities of long-term debt 16,592 6,649Total current liabilities$493,797$251,489

InstructionsAnswer the following questions.

(a)

What are the essential characteristics that make an item a liability?

(b)

How does one distinguish between a current liability and a long-term liability?

(c)

What are accrued liabilities? Give three examples of accrued liabilities that Micro might have.

(d)

What is the theoretically correct way to value liabilities? How are current liabilities usually valued?

(e)

Why are notes payable reported first in the current liabilities section?

(f)

What might be the items that comprise Micro's liability for Compensation to employees?