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Which of the following is incorrect? Unearned revenue is a contra-asset. When a firm withholds taxes from an employee's paycheck it records the withholding as

Which of the following is incorrect? Unearned revenue is a contra-asset. When a firm withholds taxes from an employee's paycheck it records the withholding as a current liability. Current liabilities are those that will be satisfied within one year. Working capital is equal to current assets minus current liabilities

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