Kingbird, Inc. reports the following liabilities (in thousands) in its balance sheet and notes to the financial statements as of December 31, 2022.

Accounts payable		$4,272.0		mortgage payable		$6,755.0
Unearned Rental Income		1,067.0		Notes payable (due 2025)		344.0
Obligations with the public		1,962.0		Wages and salaries payable		867.0
Current portion of the mortgage payable		2,001.0		Notes payable (due 2023)		2,572.0
Income taxes payable		274.0		Warranty Liability: Current		1,426.0

(a)Identify which of the above liabilities are likely current and which are likely in the long term.

Account		Classification
Accounts payable
Unearned Rental Income
Obligations with the public
Current portion of the mortgage payable
Income taxes payable
mortgage payable
Notes payable (due 2025)
Wages and salaries payable
Notes payable (due 2023)
Warranty Liability: Current

(b)Prepare the liabilities section of Kingbird's balance sheet as of December 31, 2022.

Answer rating: 100% (QA)

a Heres the classification of the liabilities as either likely current or likely longterm Account C... View the full answer