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Is contracts payable a liability

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Anonymous

12y ago
Updated: 8/20/2019

yes

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Wiki User

12y ago

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Is Wages payable a liability?

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Yes, salaries payable is a current liability.


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Liability Accounts record obligations of a business towards its creditors. Examples of liability accounts are Accounts Payable, Interest Payable, Wages Payable. These accounts appear on the balance sheet.