CALCULATOR BACK 1. 4. STANDARD VIEW PRINTER VERSION Beth Morgan, controller of Bridgeport Corporation, is currently preparing the 2017 financial report. She is trying to decide how to classify the following items: Account payable of $175,000 owed to suppliers for inventory 2. A $55,000 note payable that matures in three months. The company is planning to acquire a five-year loan from its bank to pay off the note. The bank has agreed to finance the note. 3. A $10,000 mortgage: $82,000 payable within twelve months, and the remaining 5428,000 to be paid over the next six years. The sum of $8.000 owed to the phone company for service during December Advances of $24,000 received from a customer. The contract between the customer and Bridgeport Corporation states that the company does not deliver the goods within six months, the $24,000 is to be returned to the customer. The sum of $14,000 due the federal government for income tax withheld from employees during the last quarter of 2017. The government requires that withholdings be submitted by the end of the next iter to the Internal Revenue Service 7. A $123,000 note payable: $32,000 is payable within 12 months, and the remaining 591,000 is to be paid over the next two years.Bridgeport Corporation plans to issue common stock to the creditor for the portion due during the next 12 months The company declared a cash dividend of $54,000 on December 29, 2017. The dividend is to be paid on January 21, 2018 5 6 8. Classify each of the items as a currently or store term tablity. (Note: Some tems may be classified partially as current and partially as long term.) Item Classification Current Long-Term (1) (2) (3) (5) (6) (8)