Chapter 11, Problem 17DQ

To determine

Concept Introduction

Current Liabilities: Current Liabilities are the debts or economic obligations that a company owes to its creditors and that have to be settled within one year or within its operating cycle, whichever period is longer.

To State: The current liabilities that are related to income taxes on Samsung’s recent balance sheet by referring to Samsung’s recent balance sheet in Appendix A and explain the meaning of each income tax account identified.