• ABC Company has the following obligations as of December 31:
  2. A promissory note or obligation to pay for $100,000 in 2 years;
  4. A 10-year mortgage payable for $300,000 payable in ten annual payments of $30,000 each;
  6. Interpayable of $15,000 on a mortgage; and
  8. Accounts payable for $60,000.
• For each obligation payable, indicate whether it is classified as a short-term liability or not. Explain your answer for each scenario. Assume an operating cycle of less than one year.
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