1. Lori Randle believes a current liability is a debt that can be expected to be paid in one year. Is Lori correct? Explain. 2. What is liquidity? What are two measures of liquidity? 3. What is a contingent liability? Give an example of a contingent liability that is usually recorded in the accounts. 4. What is the difference between gross pay and net pay? Which amount should a company record as wages and salaries expense