Exercise 10-15 Kingbird, Inc. reports the following liabilities (in thousands) o
ID: 2402316 • Letter: E
Question
Exercise 10-15 Kingbird, Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and notes to the financial statements $6,747.0 1,642.0 336.0 559.0 2,564.0 3,338.0 1,818.0 $4,264.0 Mortgage payable Accounts payable Accrued pension liability Unearned rent revenue Bonds payable Current portion of mortgage payable Income taxes payable 1,216.0 Operating leases 1,259.0 Notes payable (due in 2020) 1,962.0 Salaries and wages payable 1,993.0 Notes payable (due in 2018) 236.0 Unused operating line of credit Warranty liability-current Identify which of the above liabilities are likely current and which are likely long-term Account Classification Accounts payable Current Lility Accrued pension liability Long-term Liability Unearned rent revenue Current Lility Bonds payable Long-term Liability Current portion of mortgage payable Current Liability Income taxes payable Current Libility Mortgage payable Long-term Liability Operating leases Not Applicable Notes payable (due in 2020) Current LilityExplanation / Answer
Answer:
1
Account
Classification
Accounts payable
Current liability
Accrued pension liability
Long-term liability
Unearned rent revenue
Current liability
Bonds payable
Long-term liability
Current portion of mortgage payable
Current liability
Income taxes payable
Current liability
Mortgage payable
Long-term liability
Operating leases
N/A
Notes payable
Long-term liability
(due in 2020)
Salaries and wages payable
Current liability
Notes payable (due in 2018)
Current liability
Unused operating line of credit
N/A
Warranty liability—current
Current liability
2
Kingbird INC.
Balance Sheet (Partial)
january,31
(in thousands $)
Current liabilities
Notes payable
$2,564.00
Accounts payable
4,264.00
Current portion of mortgage payable
1,993.00
Warranty liability
1,818.00
Unearned rent revenue
1,259.00
Salaries and wages payable
559
Income taxes payable
236
Total current liabilities
$12,693.00
Long-term liabilities
Mortgage payable
$6,747.00
Bonds payable
1,962.00
Accrued pension liability
1,216.00
Notes payable
336
Total long-term liabilities
10,261.00
Total liabilities
$22,954.00
Account
Classification
Accounts payable
Current liability
Accrued pension liability
Long-term liability
Unearned rent revenue
Current liability
Bonds payable
Long-term liability
Current portion of mortgage payable
Current liability
Income taxes payable
Current liability
Mortgage payable
Long-term liability
Operating leases
N/A
Notes payable
Long-term liability
(due in 2020)
Salaries and wages payable
Current liability
Notes payable (due in 2018)
Current liability
Unused operating line of credit
N/A
Warranty liability—current
Current liability
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