Which of the following would be considered a current liability?

A current liability refers to a company's debts or obligations that are due within one year or within its operating cycle, whichever is longer. Payroll fits this definition as it constitutes wages payable to employees for services rendered and is typically due within a short period of time, usually on a biweekly or monthly basis.

In contrast, a building lease represents a long-term commitment and would generally be classified as a long-term liability, as lease obligations typically extend beyond one year. An equipment loan, while it may have a short-term component, is often structured as a long-term liability because it is a debt incurred to purchase equipment that will not be fully paid off within the operating cycle. Stock is considered equity rather than a liability, representing ownership in the company rather than debts owed.