Question 16 2.5 pts Which account would most likely be classified as a long-term liability on the balance sheet? Mortgage Payable Accounts Payable Accumulated Depreciation - Equipment Taxes Payable Question 17 2.5 pts Baccag Company's accountant fails to complete an adjusting entry for salary expenses incurred but not paid in the reporting period. This error would result in which of the following? Assets and equity on the Balance Sheet would be overstated and revenue on the Income Statement would be overstated Liabilities would be understated on the Balance Sheet, equity would be overstated, and expense on the Income Statement would be understated Assets and equity on the Balance Sheet would be overstated and expense on the Income Statement would be understated Liabilities would be overstated on the Balance Sheet, equity would be understated, and revenue on the Income Statement would be understated D Question 18 2.5 pts On October 1, Year 1, Brunello Corporation issues a note to Barolo Organization in exchange for equipment. The note is due fifteen (15) months from that date. On the company's end of year balance sheet (as of December 31, Year 1), the company should report the note as a: Current Asset Long-Term (Noncurrent) Asset Current Liability Long-Term (Noncurrent) Liability Question 19 2.5 pts Which of the following events would NOT increase Stockholders' Equity? O A corporation issues stock (at par value) in exchange for cash O A corporation issues stock (at par value) in exchange for inventory to be resold A corporation issues stock (at par value) in exchange for services performed by another company A corporation reports total revenues of $100.000 and total expenses of $90,000 for the reporting period