Sanchez, Inc reports the following liabilities (in thousands) on its December 31, 2022, balance sheet and notes to the financial statements Instructions a Identify which of the above liabilities are likely current and which are likely long term List any items that do not fit in either category Expl...

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Sanchez, Inc. reports the following liabilities (in thousands) on its

Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2022, balance sheet and notes

Question:

Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2022, balance sheet and notes to the financial statements.

Mortgage payable Notes payable (due in 2025) Salaries and wages payable Notes payable (due in 2023) Warranty liability-c

Instructions

a. Identify which of the above liabilities are likely current and which are likely long-term. List any items that do not fit in either category. Explain the reasoning for your selection.

b. Prepare the liabilities section of Sanchez’s balance sheet as at December 31, 2022.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

Transcribed Image Text:

Mortgage payable Notes payable (due in 2025) Salaries and wages payable Notes payable (due in 2023) Warranty liability-current Accounts payable Unearned rent revenue Bonds payable Current portion of mortgage payable Income taxes payable $4,263.9 1,058.1 1,961.2 $6,746.7 335.6 858.1 2,563.6 1,417.3 1,992.2 265.2

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a Account Classification Reason Accounts payable Current liability Due within one year Unearned rent ...View the full answer

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