Use the present value and future value tables included in Appendix 8 and on the textbook companion website.
- Which of the following is LEAST likely to be classified as a long-term liability?

Question

Use the present value and future value tables included in Appendix 8 and on the textbook companion website. 
- Which of the following is LEAST likely to be classified as a long-term liability?

Quizplus · Accepted Answer

Salaries payable is a short-term liability because it represents amounts owed to employees within a year. Mortgage payable, lease obligations, and deferred income taxes payable are all long-term liabilities because they represent amounts owed over a period longer than a year.

Use the Present Value and Future Value Tables Included in Appendix