Final answer:
Interest payable, income tax payable, and salary payable are categorized as accrued liabilities, which are obligations recognized but not yet paid by a company. They are recorded on the balance sheet and are for expenses already incurred but to be paid later. Option c
Step-by-step explanation:
The liabilities described in the question, namely interest payable, income tax payable, and salary payable, are all examples of accrued liabilities. These are financial obligations that a company has recognized but has not yet paid.
They represent expenses that have been incurred during a particular accounting period but will be paid in a future period. Unlike prepaid expenses, which are payments made for services or goods to be received in the future, accrued liabilities acknowledge expenses that have already been incurred but not yet settled.
Salary payable includes deductions such as taxes withheld from employees' wages and employer's contributions to social security. These liabilities are recorded on a company's balance sheet and reflect a company's commitment to meet these obligations in the future. Option c