Question

Which of the following accounts are normally reported as current liabilities on a classified balance sheet?

a. Accounts Payable and Prepaid Insurance
b. Interest Payable and Interest Receivable
c. Capital Stock and Accounts Payable
d. Income Taxes Payable and Salaries Payable

Answer 1

d. Income Taxes Payable and Salaries Payable

Step-by-step explanation:

Current liabilities are short term obligations of an entity due for repayment within a period of 12 months.

From the options given d. Income Taxes Payable and Salaries Payable both presents current liabilities.