Which of the following may be a current liability? 1. Withheld Income Taxes. 2. Deposits Received from Customers. 3. Deferred Revenue. 4. All of these answers are correct.

Question

Business

Desirae Griffith

11 March, 20:35

Which of the following may be a current liability? 1. Withheld Income Taxes. 2. Deposits Received from Customers. 3. Deferred Revenue. 4. All of these answers are correct.

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Answers (1)

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Kamari Barrera · Answer 1

Option "D" is the correct answer for the following:

All of these answers are correct.

Explanation:

Withheld Income Tax: A withholding tax is a sum an individual withholds in wages of the workforce and charges directly to the state. The balance deferred is a deduction against the employee's taxes throughout the year. Deposits Receiver Form Customer: A consumer deposit is a cash charged by a buyer to a supplier for which the business has not yet purchased a product or service in return. The organization is obligated to provide products or services specified or to refund the money. Deferred Revenue: Deferred revenue is a responsibility, as it indicates non-earned sales that cover products or services due to a client. As the product or service is distributed over time, compensation on the consolidated financial statements is remembered proportionally.