Obligations that are expected to be paid after one year or the operating cycle, whichever is longer, are classified as current liabilities. A True B False Conner Corporation's adjusted trial balance included the following items:Accounts payable ($65,000), Accounts receivable (545,000). Capital stock ($100,000), Cash (550,000), Dividends ($10,000), Goodwill (547,000), Interest expense ($4,000), Interest payable ($2,000), Inventory ($32,000), Notes payable ($80,000), Prepaid expenses ($5,000). Property, plant & equipment ($123,000), Retained earnings (546,000), Rent expense ($18,000), Revenues ($101,000), and Salary expense ($60,000). In a worksheet, the balance that would be transferred from the retained earnings columns to the balance sheet columns would result in debit or credit of how much being entered to the balance sheet columns? Use the editor to format your answer The reversing process is generally applied to those adjusting items that involve future cash flows. True B False