CENGAUL M Ch 03: Assignment - Financial Statements, Tools, and Budgets Attempts: Score: 8 Attention: Due to a bug in Google Chrome, this page may not function correctly. Click here to learn more. Aa Aa 3. Short-term and long-term liabilities 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 clgssified according to maturity as either short term (current) or long term. liability is due in the next 12 months. Categorize each of the following liabilities as a short-term liability or a long-term liability. Short-Term Liability Long-Term Liability This month's water bill Property taxes This month's electric bill OOOOOO Home equity loan YOU Washer/dryer loan due this year Educational loan oo The amount not due in the current year and Baret C and D are true Sly A and Care tru Only Dis true ultiple Choice 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 interest payments