Specific current liabilities

Question 1

What are some examples of current liabilities:

Answer 1

• AP
• Unearned Revenue
• Accrued Expenses
• Income Taxes Payable
• Dividends Payable
• Property Tax Payable

Question 2

If dividends are not declared, including dividends in arrears that have been omitted, should they be reported on the balance sheet?

Answer 2

Any dividend, including those in arrears, should not be included as a current liability on the balance sheet!