Know the difference between a current liability & a long-term liability. 2. Know examples of Current Liabilities. 3. Know how sales tax is recorded. 4. Know what the current portion of long-term debt means (calculate the amount). 5. Payroll liabilities: know whether the employee is responsible or the employer is responsible for specific payroll liabilities. (Employee: federal & state withholding, social security, medicare; Employer: social security, medicare, FUTA, SUTA). 6. Calculate Working Capital and Current Ratio. 7. 10 point problem - journal entries for a short term note payable