Short-Term Liabilities and Long-Term Liabilities Your liabilities are what you owe. They include the charges on your credit card every month, the rent owed on a lease agreement, the payoff amount on your mortgage, the balance due on your school loan, the taxes due, and so on. Liabilities are classified according to maturity as either short-term (current) or long-term (noncurrent) liabilities. liability is not due in the current year. long-term of the following liabilities as a short-term liability or a long-term liability. short-term Short-Term Liability Long-Term Liability This month's electric bill Educational loan* Home equity loan* This month's water bill Washer/dryer loan due this year OO Property taxes O *The amount not due in the current year As you gather data regarding your liabilities, it is important to remember that regardless of category, you should record all liabilities on the balance sheet at their current payoff amounts, which should future interest payments