Chapter $9$

Exploration $9\mathrm{.}1-$ Current and Long$-$Term Liabilities $(13)$

Goal: Learn to identify different types of liabilities.Instructions: A description of a type of account is given to you. You must indicate whether this is a short$-$term liability account, a long$-$term liability account, or not a liability account at all.The tollowing might appear on the balance sheet of a corporation. Identify the proper classification for the item:

current liability $($C$),$

long$-$term liability $($L$),$

or as not a liability $($N$).$

Current Liability $-$ C

Long$-$Term Liability $-$ L

Not a Liability $-$ N

$1.)$Accounts Payable in $9$ months$2.)$ Mortgage payable $($portion due within the next $120$ days$).$

$3.)$Accounts Receivable.

$4.)$Bonds Payable $($matures in $30$ days$)$

$5.)$Advertising payable $($payment due in $30$ days$).$

$6.)$Notes payable $($due in $12$ months$)$

$7.)$Notes Receivable in $150$ days

$8.)$Notes payable $($due in $15$ months$)$

$9.)$The portion of a long$-$term note that is to be paid in $3$ months.

$10.)$Notes Receivable in $180$ days

Hint: Exactly one year is considered short term.