Principles of Financial Accounting.
Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 11, Problem 1QS

Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle?

  _______ 1.    Portion of long-term note due in 10 months.

  _______ 2.    Note payable maturing in 2 years.

  _______ 3.    Note payable due in 18 months.

  _______ 4.    Accounts payable due in 11 months.

  _______ 5.    FICA taxes payable. Classifying liabilities

  _______ 6.    Salaries payable.

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Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Accounts payable due in 11 months.
Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Note payable due in 18 months.
Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it.  Long Term Liability?

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Principles of Financial Accounting.

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