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ACC 363 BE11-1 - (c Interest payable is a current liability...

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BRIEF EXERCISE 11-1 (a) A note payable due in two years is a long-term liability, not a current liability. (b) $30,000 of the mortgage payable is a current maturity of long-term debt. This amount should be reported as a current liability.
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Unformatted text preview: (c) Interest payable is a current liability because it will be paid out of current assets in the near future. (d) Accounts payable is a current liability because it will be paid out of current assets in the near future....
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