You have been asked to review the December 31, 2016, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior:

1.	An investment of $38,000 is included in current assets. Management has indicated that it has no intention of liquidating the investment in 2017.
2.	A $180,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10, equal annual installments with the first installment due on March 31, 2017.
3.	Deferred revenue of $84,000 is included as a current liability even though only two-thirds will be earned in 2017, and the other one-third in 2018.

Determine the appropriate amount and classification for each of these items. (If not entry is required for classification, choose "No entry".)

References

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WorksheetLearning Objective: 03-02 Identify and describe the various balance sheet asset classifications.

Difficulty: 2 MediumLearning Objective: 03-03 Identify and describe the two balance sheet liability classifications.

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