Exercise 10-15

Larkspur, Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and notes to the financial statements.

Accounts payable $5,006.0 Mortgage payable $7,033.0 Accrued pension liability 1,558.0 Operating leases 2,258.0 Unearned rent revenue 1,394.0 Notes payable (due in 2020) 347.0 Bonds payable 2,214.0 Salaries and wages payable 573.0 Current portion of mortgage payable 2,045.0 Notes payable (due in 2018) 2,724.0 Income taxes payable 304.0 Unused operating line of credit 3,914.0 Warranty liabilitycurrent 1,825.0

Identify which of the above liabilities are likely current and which are likely long-term.

Account Classification Accounts payable select a Classification Long-term Liability Not Applicable Current Liability Accrued pension liability select a Classification Current Liability Long-term Liability Not Applicable Unearned rent revenue select a Classification Current Liability Long-term Liability Not Applicable Bonds payable select a Classification Long-term Liability Not Applicable Current Liability Current portion of mortgage payable select a Classification Current Liability Not Applicable Long-term Liability Income taxes payable select a Classification Not Applicable Long-term Liability Current Liability Mortgage payable select a Classification Not Applicable Long-term Liability Current Liability Operating leases select a Classification Current Liability Long-term Liability Not Applicable Notes payable (due in 2020) select a Classification Current Liability Long-term Liability Not Applicable Salaries and wages payable select a Classification Not Applicable Current Liability Long-term Liability Notes payable (due in 2018) select a Classification Long-term Liability Not Applicable Current Liability Unused operating line of credit select a Classification Not Applicable Long-term Liability Current Liability Warranty liabilitycurrent select a Classification Current Liability Long-term Liability Not Applicable

SHOW SOLUTION LINK TO TEXT

Prepare the liabilities section of Larkspurs balance sheet as at January 31, 2017.

LARKSPUR, INC. Balance Sheet (Partial) choose the accounting period For the Year Ended January 31, 2017 For the Month Ended January 31, 2017 January 31, 2017 (in thousands) select an opening name for subsection one Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection one Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity $enter a total amount for subsection one select an opening name for subsection two Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection two Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity enter a total amount for subsection two select a closing section name Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity