Rodriguez Corporation includes the following items in its liabilities at December 31, 2020. 1. Notes payable, $25,000,000,

Question:

Rodriguez Corporation includes the following items in its liabilities at December 31, 2020.

1. Notes payable, $25,000,000, due June 30, 2021.

2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000.

3. Salaries and wages payable, $3,750,000, due January 14, 2021.

Instructions

Indicate in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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