Current liabilities: Current liability is a kind of liability or the obligation of the business towards the creditors, in which the business is required to pay the creditors, within a period of one year or one operating cycle of the business, whichever is longer. Examples of current liabilities: Accounts payable, Salaries and Wages payable, Interest payable, Income Tax payable. Long-term liabilities: It is the obligation of the business that have a maturity period of more than one year. Examples of Long-term Liabilities: Notes Payable, Mortgage Payable, and Bonds Payable To Complete: The missing information.

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Chapter 12, Problem 12.27E

To determine

Current liabilities: Current liability is a kind of liability or the obligation of the business towards the creditors, in which the business is required to pay the creditors, within a period of one year or one operating cycle of the business, whichever is longer.

Examples of current liabilities: Accounts payable, Salaries and Wages payable, Interest payable, Income Tax payable.

Long-term liabilities: It is the obligation of the business that have a maturity period of more than one year.

Examples of Long-term Liabilities: Notes Payable, Mortgage Payable, and Bonds Payable

To Complete: The missing information.

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