A debt that a company expects to pay from existing current assets within one year or the operating cycle, whichever is longer.
Accounts payable. Salaries and wages payable. Notes payable. Interest payable. Income taxes payable. Unearned revenues.
Types of Current Liabilities
Amounts owed to parties as a result of normal operating activities. Most commonly your vendors/suppliers.
Revenues that are received before goods are delivered or services are performed.
Expressed as a stated percentage of the sales price
Companies must withhold taxes on employees' salaries and wages for: income taxes, FICA (social security and medicare). Companies must pay taxes on wages paid for: unemployment taxes, FICA (match employees withholding)