Problem 101 Beth Morgan, controller of Marold Corporation, currently preparing the 2017 financial report. She is trying to decide how to classify the following items! 1. Account payable of $164.000 owed to suppliers for investory 2. A$58,000 note payable that matures in three months. The company is planning to see a five years from its back to pay off the note. The bank has agreed to face the note 3. A $10,000 morto $75,000 payable within twelve months, and the remaining 5432,000 to be paid over the next six years. 4. The sum of $7,000 ewed to the phone company for service und December 5. Advances of $23,000 received from a customer. The contract between the customer and Mangold Corporation states that if the company does not deliver the goods within six months, the $23.000 is to be returned to the customer 6. The sum of $15,000 due the federal government for income tax withheld from employees dung the last cuarter of 2017. The government res that withholdings besmitted by the end of the next quarter to the Internal Revenue Service 7. A $135,000 note payabile $32,000 payable within 12 months and the $10,000 to be paid over the rest van Ma r tin plato o n stock to the credit for the porn due during the next 12 months The company declared a cash dividend of $47.000 on December 29, 2017. The dividend is to be paid on M ary 21, 2015 12. del Classify each of the items as a current liability or as a long term liability. (Note: Some items may be classified partially as current and partially as long term.) Classification Item Current Long-Term I Its by Study e BESES E E ults by Study Compute the total amount that should be dassified as current liabilities. Current Liabilities Compute the total amount that should be classified as long-term liabilities. Long-term Liabilities