Match each of the following current liabilities with its meaning.
-An accrued liability for amounts owed to employees for work performed.
A)Account payable
B)Note payable
C)Wages payable
D)Interest payable
E)Sales taxes payable
F)FICA taxes payable
G)Unemployment taxes payable
H)Unearned sales revenues
I)Estimated warranty liability

Question

Quizplus · Accepted Answer

Wages payable refers to amounts owed to employees for work performed.

Answer: E 
 Sales taxes payable refers to taxes owed to government entities on sales made.

Answer: F 
 FICA taxes payable refers to Social Security and Medicare taxes owed by both employees and employers.

Answer: G 
 Unemployment taxes payable refers to taxes owed to state government entities to fund unemployment benefits.

Answer: I 
 Estimated warranty liability refers to the amount a company expects to pay for repairs or replacements of products under warranty.

Match Each of the Following Current Liabilities with Its Meaning