Dominique, the CFO for Trattoria Inc., asked you to classify the following liabilities for the December 31, 2020, statement of financial position:

1. Trattoria declared a dividend in 2020 of $25,000, which is payable on January 31, 2021.

2. During the month of December, Trattoria settled warranty claims with customers by issuing in-store credit totalling $15,000.

3. On August 1, 2020, Trattoria obtained a $10,000 five-year loan with annual equal principal repayments of $2,000 due on July 31. Interest at 10% per year is payable every six months on January 31 and July 31.

4. In December, the company withheld deductions totalling $5,600 from its employees, which will be remitted on January 15, 2021.

5. During 2020, customers purchased five-year extended warranty plans totalling $40,000. Management expects that claims under these warranties will be equal in each year of the warranty period.

6. During the December holiday shopping period, the company sold $5,000 in gift cards.

7. During 2020, Trattoria obtained a $5,000 loan with a three-year term from a bank. The loan contains a current ratio requirement, which the company breached on December 31. Breaching this requirement can trigger immediate repayment of the loan.

Required

Identify each of the liabilities as current or non-current. (Note that some liabilities may be classified partially as current and partially as non-current.) Provide your reasoning for each item.