Final answer:
The $600,000 that Twin Creeks owes Paramount is Twin Creeks' liability.
Step-by-step explanation:
The $600,000 that Twin Creeks owes Paramount is Twin Creeks' liability. In accounting, this amount is recorded as a payable or a debt. This means that Twin Creeks has an obligation to pay the $600,000 to Paramount in the future.