The following list of items might appear as liabilities on the balance sheet of a company that has a two-month operating cycle. Identify the proper classification of each item. In the space beside each item write a C if it is a current liability, an L if it is a long-term liability, or an N if it is not a liability.
a. Wages payable.
b. Notes payable in 60 days.
c. Mortgage payable (payments due in the next 12 months).
d. Notes receivable in 90 days.
e. Note payable (matures in 5 years).
f. Mortgage payable (payments due after the next 12 months).
g. Notes payable due in 6 to 12 months.
h. Income taxes payable.
i. Estimated warranty liability.
j. Allowance for doubtful accounts.

  • CreatedJanuary 08, 2015
  • Files Included
Post your question