32. Current liabilities are all obligations that require, within the coming year or current operating cycle, whichever is longer: a. The payment of cash b. The use of existing current assets C. The creation of other current liabilities d. Either the use of existing current assets or the creation of other current liabilities 33. Which of the following transactions that affects current liabilities has a corresponding effect on the income statement? a. Purchase inventory on credit from company QRS on January 1 b. Payment to QRS on February 1for a January 1 purchase c. Interest accrued on a note payable d. Payment to employees in March for wages earned in February