Current and Long-term Liabilities

Current and - Current and Long-term Liabilities Obligations that will be paid or otherwise satisfied within one year are classified on the balance

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1 Current and Long-term Liabilities Obligations that will be paid or otherwise satisfied within one year are classified on the balance sheet as short-term liabilities. Common types of short-term liabilities include: Accounts payable Accrued liabilities Accrued payroll (e.g., wages payable, salaries payable) Accrued taxes (e.g., income tax payable, FICA payable, Withheld income tax payable, Federal unemployment payable, etc.) Accrued interest (e.g., Interest payable) Sales tax payable Unearned revenue Obligations that will not be paid or otherwise satisfied within one year are classified on the balance sheet as long-term liabilities. Common types of long-term liabilities include: Notes payable Mortgages payable Leases payable, and Bonds payable The present value of a long-term liability is its current value, which is computed by discounting the known future amount using the current interest rate.
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This note was uploaded on 02/03/2011 for the course MGA 201 taught by Professor Anderson during the Fall '08 term at SUNY Buffalo.

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Current and - Current and Long-term Liabilities Obligations that will be paid or otherwise satisfied within one year are classified on the balance

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