Rodriguez Corporation includes the following items in its liabilities at December 31, 2014. 1. Notes payable, $25,000,000,
Question:
Rodriguez Corporation includes the following items in its liabilities at December 31, 2014.
1. Notes payable, $25,000,000, due June 30, 2015.
2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000.
3. Salaries payable, $3,750,000, due January 14, 2015.
Instructions Indicate in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.
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Notes payable 25000000 due June 30 2015 The notes payable would typically be classified as a current ...View the full answer
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