Liabilities Are Quizlet - Facebook Marketplace Salyersville Kysupport And Help Search Result Liabilities are reported in the balance sheet as current (short‐term) or long‐term, based on when they are due to be paid. Current liabilities are those obligations that will be paid within the next. (1) the liability is known to exist, and (2) the precise dollar amount cannot be determined until a later date. An example of an estimated liability is the warranty associated with a new car provided by the manufacturer. Study with quizlet and memorize flashcards containing terms like asset, asset, asset and more.
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