Current Liabilities The following items are accounts on Smith’s balance sheet of December 31, 2007:

Taxes Payable Accounts Receivable Notes Payable, 9%, due in 90 days Investment in Bonds Capital Stock Accounts Payable Estimated Warranty Payable in 2008 Retained Earnings Trademark Mortgage Payable ($10,000 due every year until 2024)

Required Identify which of the accounts should be classified as a current liability on Smith’s balance sheet.

For each item that is not a current liability, indicate the category of the balance sheet in which it would be classified.