Homework Answers
Answer-
| ITEM | CLASSIFICATION | |
| 1 | Notes payable (due in 13 to 24 months) | L |
| 2 | Notes payable (mature in five years) | L |
| 3 | Pension liability (to be paid to employees retiring in 2 to 5 years) | L |
| 4 | Accounts payable (due in 30 days) | C |
| 5 | Notes payable (due in 6 to 11 months) | C |
| 6 | Bonus payable (to be paid in 60 days) | C |
| 7 | Unearned revenues (to be earned over next 3 months) | C |
| 8 | Accounts receivable | N |
| 9 | Patents (to expire after 5 years) | L |
| 10 | Notes payable (due in 120 days) | C |
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Chapter 09 Homework Saved The following items appear on the balance sheet of a company with...
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The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper class each item as follows: C if it is a current liability, Lif it is a long-term liability, or N if it is not a liability Classification с Item 1. Interest payable (due in 90 days) 2. Unearned revenues (to be earned over next 3 months) 3. Employee Union Dues Payable 4. Pension liability (to be paid to employees retiring in...
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The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows: C if it is a current liability. L if it is a long-term liability, or N if it is not a liability Classification Item 1. Notes payable (due in 13 to 24 months). 2 Notes payable (due in 6 to 12 months). 3 Notes payable (mature in five years) 4 Current portion of long-term debl....
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a c...
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The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper class each item as follows: C if it is a current liability, Lif it is a long-term liability, or N if it is not a liability Classification с Item 1. Interest payable (due in 90 days) 2. Unearned revenues (to be earned over next 3 months) 3. Employee Union Dues Payable 4. Pension liability (to be paid to employees retiring in...
The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows: C if it is a current liability. L if it is a long-term liability, or N if it is not a liability Classification Item 1. Notes payable (due in 13 to 24 months). 2 Notes payable (due in 6 to 12 months). 3 Notes payable (mature in five years) 4 Current portion of long-term debl....
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
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From the dropdown box beside each numbered balance sheet item, select the option of its balance sheet classification. If the item should not appear on the balance sheet, choose the option "No Item required from the selection choices. Classification Classification Account Title 11. Accounts receivable Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 6. Prepaid rent 2 months of Rent) 8. Salaries payable 7....
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