Classification of liability accounts as current or long-term. (Learning Objective 6) 5–10 min.

Identify the section of the balance sheet in which the following accounts would be located: Current Assets (CA), Long-Term Assets (LTA), Current Liabilities (CL), or Long-

Term Liabilities (LTL).

_____ 1. Bonds Payable (due in 4 years)

_____ 2. Interest Payable _____ 3. Leased Equipment _____ 4. Discount on Bonds Payable _____ 5. Accumulated Depreciation on Leased Equipment _____ 6. Lease Payable (due in four years)

_____ 7. Mortgage Notes Payable (due in 10 years)

AppendixLO1