(Classifying liabilities, LO 2, 3) How would each of the following items be classified on Atluck Grocery Store Corp.’s (Atluck) September 30, 2006 balance sheet?

Explain your reasoning.

a. A $250,000 20-year mortgage on Atluck’s land and building. The mortgage requires annual equal payments of $29,365.

b. $1,200 withheld from employee paycheques for income taxes.

c. A $2,500 deposit received from a customer for food platters to be served at a local company’s annual meeting to be held on October 17, 2006.

d. $30,000 owed to a supplier for renovations on the store; $15,000 of the amount owed is due on December 15, 2006 and the remainder on November 1, 2007.

e. A $25,000 demand loan from the bank.