Which of the following items cannot be found on a firm's balance sheet under current liabilities?
A) Accounts payable.
B) Short-term notes payable to the bank.
C) Accrued wages.
D) Cost of goods sold.
E) Accrued payroll taxes.

Question

Quizplus · Accepted Answer

Cost of goods sold is an expense item reported on the income statement, not a current liability listed on the balance sheet. The other options, accounts payable, short-term notes payable to the bank, accrued wages, and accrued payroll taxes, are all examples of current liabilities commonly found on a firm's balance sheet.

Which of the Following Items Cannot Be Found on a Firm's