Rios Raft Company had the following liabilities. Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL). a.Accounts PayableCLb.Note Payable due in 3 yearsLTLc.Salaries PayableCLd.Note Payable due in 6 monthsCLe.Sales Tax PayableCLf.Unearned Revenue due in 8 monthsCL

Current liability: Liabilities which have to be paid with in next one year from the date of the…

Answered: Rios Raft Company had the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Rios Raft Company had the following liabilities. Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL).

Accounts Payable

Note Payable due in 3 years

LTL

Salaries Payable

Note Payable due in 6 months

Sales Tax Payable

Unearned Revenue due in 8 months

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