Rodriguez Corporation includes the following items in its liabilities at December 31, 2020. 1.    Notes payable, $25,000,000, due June 30, 2021. 2.    Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000. 3.    Salaries and wages payable, $3,750,000, due January 14, 2021. Instructions Indicate in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Rodriguez Corporation includes the following items in its liabilities at December 31, 2020.

1.    Notes payable, $25,000,000, due June 30, 2021.

2.    Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000.

3.    Salaries and wages payable, $3,750,000, due January 14, 2021.

Instructions

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

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