all of rolf co.'s employees are entitled to two weeks of paid vacation for each full year in rolf's employ. unused vacation time can be accumulated and carried forward to succeeding years and will be compensated at the salary in effect when the vacation is taken. mary beal started her employment with rolf on january 1, 2019. as of december 31, 2019, when beal's salary was $500 per week, beal had used none of her vacation time. as of december 2019, rolf expects to give its employees 10% raises in july 2020. how much should rolf report as a liability at december 31, 2019, for beal's accumulated vacation time?

A liability is an obligation that an individual or organization has, usually one that is financial in nature. Liabilities are eventually addressed through the transfer of economic benefits like money, goods, or services.
Debts including loans, accounts payable, mortgages, deferred income, bonds, warranties, and accumulated costs vacation time are represented as liabilities on the balance sheet's right side.
Liabilities and assets are comparable concepts. Liabilities are debts or other responsibilities, whereas assets are things you own or owe money to.
Current liabilities are a company's short-term financial obligations that are due within a year or during its regular operational cycle (e.g. accounts payable).
On the balance sheet, commitments that aren't due for more than a year are referred to as long-term (non-current) liabilities.

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