The account Sales Tax Payable represents a company's liability to the government for sales taxes collected. True O False Peter Inc. manufactures and sells computer monitors with a three-year warranty. Warranty costs are expected to average 8% of sales during the warranty period. The following table shows the sales and actual warranty payments during the first two years of operations: (Click to view the sales and actual warranty payments during the first two years of operations.) Based on these facts, what amount of warranty liability should Peter Inc. report on its balance sheet at December 31, 2017? O A. $39,280 O B. $66,320 O C. $105,600 OD. $32,000 Sales and actual warranty payments Year 2016 $ Sales Warranty Payments 560,000 $ 7,280 760,000 32,000 2017 Print Print Done Done Current liabilities are obligations due within one year or within the company's normal operating cycle if it is longer than one year. O O True False Current liabilities fall into two categories, which are referred to as: O A. liabilities of a known amount and liabilities whose amount must be estimated O B. contra liabilities and contingent liabilities O C. contingent liabilities and non contingent liabilities O D. liabilities of a known amount and contingent liabilities