Question: (Current versus Noncurrent Classification) DAnnunzio Corporation includes the following items in its liabilities at December 31, 2004. 1. Notes payable, $25,000,000, due June 30, 2005.

(Current versus Noncurrent Classification) D’Annunzio Corporation includes the following items in its liabilities at December 31, 2004.

1. Notes payable, $25,000,000, due June 30, 2005.

2. Deposits from customers on equipment ordered by them from D’Annunzio, $6,250,000.

3. Salaries payable, $3,750,000, due January 14, 2005.

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

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