Which of the following would probably be classified as a current liability?

Question

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Payroll taxes payable are taxes that have been withheld from employees' wages, but have not yet been paid to the government. This is a current liability because it is expected to be paid within one year. Accumulated depreciation on equipment is not a liability, but a contra-asset account. Lease obligation and pension liability are long-term liabilities, not current liabilities.

Which of the Following Would Probably Be Classified as a Current