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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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- Spring '09
- MARIABURGOS
- Financial Accounting, Current Assets, Generally Accepted Accounting Principles
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