Estimated Tax Liability is the amount owed to the government for taxes. It is shown separately from
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Estimated Tax Liability is the amount owed to the government for taxes. It is shown separately from other liabilities, both because the amount is large and also because the exact amount owed may not be known as of the date of the balance sheet. In Exhibit 1 this amount is shown as $ _________________. It is a current liability because the amount is due within ___________________ ________________ (how long?).
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