ACC 226
Axia College of University of Phoenix (UoP)
Financial Accounting
Larson, K. D., Wild, J. J., & Chiappetta B. (2005). Fundamental accounting principles (17th ed.)
ACC 226 Solution
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Exercise 11-1 (E11-1) The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a longterm liability, or N if it is not a liability.
_____ 1. Sales taxes payable.
_____ 2. FUTA taxes payable.
_____ 3. Accounts receivable.
_____ 4. Accrued payroll payable.
_____ 5. Wages payable.
_____ 6. Notes payable (due in 6 to 12 months).
_____ 7. Notes payable (due in 120 days).
_____ 8. Current portion of long-term debt.
_____ 9. Notes payable (mature in five years).
_____ 10. Notes payable (due in 13 to 24 months).
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