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Generally, parents are not liable for the actions of their adult children. However, there are exceptions depending on the circumstances and state laws.
You are not liable for the debts of an adult child unless you have a written document you signed in which you assumed such liability specifically. You are not liable for these bills.
Based on categorisation, liabilities can be classified into five types: contingent, current, non-current, common (like mortgage and student loans), and statutes (like taxes payable).
Some examples of current liabilities that appear on the balance sheet include accounts payable, payroll due, payroll taxes, accrued expenses, short-term notes payable, income taxes, interest payable, accrued interest, utilities, rental fees, and other short-term debts.
Ten common liabilities include accounts payable, short-term loans, long-term loans, mortgages, accrued expenses, deferred revenues, bonds payable, contingent liabilities, wages payable, and taxes payable.

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The most common current liabilities that appear on the balance sheet include accounts payable, short-term loans, salaries payable, taxes payable, accrued expenses, and deferred revenue. All these reflect expenditures a company is bound to pay within a year or its operative cycle.

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