What are some current or long-

What are some current or long-termliabilities a clothing retailer would have with example dollaramounts?

Please list a minimum of5 either or both long term or short termliabilities of your business and amounts.


Current liabilities:–Accounts payable: It includes the trade payables due to suppliers($1500)– Customer deposits: It includes the advance payments made bycustomers for the of the completion of their cloth orders($1900)–Sales taxes payable: It is the obligation of a clothing retailerto remit the sales taxes to the government that a clothing retailercharged to customers on behalf of the government ($2500)–Accrued expenses. These expenditures are not yet payable to athird party, however already incurred, such as wages payable($550)–Short-term loans: The loans which are due on demand or within theperiod of 12 months ($8000)

Long-term liabilities–Long term business loan: A loan (such as mortgages, car payments)which is repayable by the clothing retailer after 12 months alongwith interest will be included in long-term liabilities($100,000)–Deferred tax liability: It represents income tax payment a aclothing retailer saved today however which it shall be required topay in future because of the difference between tax laws andfinancial accounting recognition criteria ($18,000)– Capital leases: The capital lease by clothing retailer will betreated as long term liability ($30,000)–Deferred compensation: An arrangement with an employee wherein aportion of an income of an employee is paid out at a later dateafter which the income was earned. ($5000)–Deferred revenue: It is a payment received in advance for clothesthat are to be delivered in the future. ($25,000)

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