Taylor Company has the following obligations at December 31 (a) A note payable for $10,000 due in six months (b) Unearned revenue of $12,500 (c) Interest payable of $15,000 (d) Accounts payable of $60,000 (e) Note payable due in two years For each obligation, indicate whether or not it should be cl...

Taylor Company has the following obligations at December 31: (a) A note payable for $10,000 due in

Question:

Taylor Company has the following obligations at December 31:

(a) A note payable for $10,000 due in six months;

(b) Unearned revenue of $12,500;

(e) Note payable due in two years. For each obligation, indicate whether or not it should be classified as a current liability.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...