Current Liabilities The following items are accounts on Smith’s balance sheet of December 31, 2010:

Taxes Payable Accounts Receivable Notes Payable, 9%, due in 90 days Investment in Bonds.

Capital Stock Accounts Payable Estimated Warranty Payable in 2011 Retained Earnings Trademark Mortgage Payable ($10,000 due every year until 2027)
Required Identify which of the accounts should be classifi ed 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 classifi ed.AppendixLO1