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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:

  1. Debt guarantee of a subsidiarys loan
  2. Note Payable due in ninety days
  3. Liability for income tax
  4. Salaries payable
  5. Liability due to a pending lawsuit
  6. Liability for product warranty
  7. Accounts Payable

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