Which of the following would be considered a known liability?
A)Federal income tax payable
B)Warranties payable
C)Pending litigation
D)Possible contingency payable

Name: Which of the following would be considered a known liability? A)Federal income tax payable B)Warranties payable C)Pending litigation D)Possible contingency payable
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Question

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Federal income tax payable is a known liability because it is a definite obligation with a known amount and due date.

Which of the Following Would Be Considered a Known Liability