Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
22nd Edition
ISBN: 9781259542169
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 11, Problem 1QS

Classifying liabilities

C1

Which of the following items are normally classified as current liabilities for a company that has a 15-month operating cycle?

______1. Portion of long-term note due in 15 months.

______2. Note payable maturing in 2 years.

______3. Note payable due in 18 months.

______4. Note payable due in 11 months.

______5. FICA taxes payable.

______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? Portion of long-term note due in 10 months.
Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle?
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