Current liabilities include
A)amounts due from suppliers for credits on accounts due to returns
B)taxes withheld from employees' payroll checks which must be remitted to the IRS.
C)amounts paid for warranty repairs during the current year.
D)cash dividends to be declared by the board of directors during the next six months.

Question

Quizplus · Accepted Answer

Current liabilities are obligations that are due within one year. Taxes withheld from employees' payroll checks which must be remitted to the IRS are a current liability because they are due within one year. The other options are not current liabilities.

Current Liabilities Include