calculating current liabilities

ABC Trial Balance 12/31/year 1
A/P 20,000.00
Bonds Payable due year 2 $ 10,000.00
Dividends Payable on 02/01/year 2 $5,000.00
Income Tax payable$ 15,000.00
Notes Payable due 01/15/year3 $ 10,000.00
in ABC's 12/31/year 1 Balance Sheet The Current Liabilities total S/B
50,000.00 or 60,000.00 or 20,000.00 or 35,000.00 or $0.00

Contingent liability is one kind of provision that company keeps as the safety to meet its unforeseen events.In future any event can come to place such as changes in the value of the foreign currency, changes in the government taxation, some losses that unpredictable etc so that by way of keeping aside the reserve and profit of the company will not affect.