Chapter 9, Problem 9.1E

Current Liabilities

The following items are accounts on Smith’s balance sheet of December 31, 2016:

Required

Identify which of the accounts should be classified as a current liability on Smith’s balance sheet. For each item that is not a current liability, indicate the category of the balance sheet in which it would be classified. Assume the company has the following balance sheet categories: current asset; property, plant, and equipment; long-term investment; intangible asset; current liability; long-term liability; and stockholders’ equity.