Busch Company has these obligations at December 31: (a) A note payable for $100,000 due in 2

Question:

Busch Company has these obligations at December 31:
(a) A note payable for $100,000 due in 2 years,
(b) A 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments and
(c) Interest payable of $15,000 on the mortgage, and
(d) of $60,000. For each obligation, indicate whether it should be classified as a current liability, noncurrent liability, or both.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...