Rios Raft Incorporated had the following liabilities. a. Accounts Payable b. Note Payable due in 3 years

Question:

Rios Raft Incorporated had the following liabilities.
a.
b. Note Payable due in 3 years
c. Salaries Payable
d. Note Payable due in 6 months
e. Sales Tax Payable
f. Unearned Revenue Determine whether each liability would be considered a current liability (CL) or a long- term liability (LTL).

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...