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Problem1 (4 points) Indicate whether each of the following items is a real liability, loss contingency, or contingent liability: Debt guarantee of a subsidiarys loan
Problem1 (4 points)
Indicate whether each of the following items is a real liability, loss contingency, or contingent liability:
- Debt guarantee of a subsidiarys loan
- Note Payable due in ninety days
- Liability for income tax
- Salaries payable
- Liability due to a pending lawsuit
- Liability for product warranty
- Accounts Payable
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