Current liabilities are a company'sshort-term financial obligations; they are typically due within one year. Examples of current liabilities are accrued expenses, taxes payable, short-term debt, payroll liabilities, and dividend payables, among others. Current liabilities are listed on the balance she...
Which of the following items are reported as a current liability on the balance sheet?___. A. Short-term notes payable B. Accrued payroll taxes C. Estimated warranties D. All of the above 相关知识点: 试题来源: 解析 D 正确答案:D 解析:答案为D项。短期应付票据、应计未付工资税金和预估(...
Liability accounts include interest owed on loans fromcreditors—known as interest payable, as well as any tax obligations accumulated by a company, which are known as taxes payable. These are not part of accounts payable. Debt owed to creditors typically must be paid within a short time frame,...
Sales Tax Payable is a liability account. When the sales taxes are remitted to the state, the merchant will debit Sales Tax Payable. Related Questions How do I calculate the amount of sales tax that is included in total receipts? What is net sales? Are the sales taxes part of a ...
There are many different types of liabilities including accounts payable, payroll taxes payable, and bank notes. Basically, any money owed to an entity other than a company owner is listed on thebalance sheetas a liability. Example For instance, assume a retailer collects sales tax for every sa...
Income tax liability Sales taxes payable Customer deposits orunearned revenue(pre-payments for goods or services not provided yet) Contracts, such as a cell phone contract you can’t cancel without a penalty Lease payments owed Insurance payable ...
a人们都称他是可信赖的人。(be known as) The people all called he is the human who may trust.(be known as)[translate] aLIABILITY amount payable in dollars (e.g. accounts payable) or future services to be rendered (e.g., warranties payable). The party having the liability is referred ...
Income tax expense= taxes payable + deferred tax liability – deferred tax asset The income tax expense represents the sum of your business tax obligations, which is then disclosed on theincome statement. In contrast, the tax payable denotes the actual tax obligation based on the regulations of ...
Liabilitiesare found on the right side or lower half of a balance sheet. A common small business liability is accounts payable, or money owed to suppliers. There are 2 types of liabilities: current liabilities and long-term liabilities.
Learn what assets and liabilities are, the difference between them and how they impact the financial health of your business.