Rodriguez Corporation includes the following items in its liabilities at December 31, 2025. 1. Notes payable, $25,000,000,

Question:

Rodriguez Corporation includes the following items in its liabilities at December 31, 2025.

1. Notes payable, $25,000,000, due June 30, 2026.

2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000.

3. Salaries and wages payable, $3,750,000, due January 14, 2026.

Instructions

Indicate in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.

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Intermediate Accounting

ISBN: 9781119790976

18th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Jul 03, 2023 07:09 AM

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Rodriguez Corporation includes the following items in its liabilities at December 31, 2025. 1. Notes payable, $25,000,000,

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1 Since the notes payable are due in less than one year from the balance sheet date they would gener...View the full answer

Intermediate Accounting

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