Match the liabilities with their usual classification on the balance sheet by en

Question

Match the liabilities with their usual classification on the balance sheet by entering the appropriate letters in the spaces.
Usual Classification:
A. Current Liability
B. Long-Term Liability
C. Current or Long-term liability
D. None of the above

Liability Classification (a, b, c, d)
1. Rent Payable
2. FICA taxes payable
3 Interest payable
4. Mortgage payable (due in 2 years)
5. Bond payable, (due within 3 months)
6. Notes payable (due in 15 months)
7. Cash deposits (advance) received from customers for services to be performed in six months
8. Bond payable, (due in 6 years)
9. Deferred income tax (a credit balance)
10. Accumulated depreciation
11. Employee income taxes withheld
12. Accounts Receivable
13. Accounts Payable
14. Allowance for doubtful accounts
15. Income tax payable

Explanation / Answer

Liability Classification (a, b, c, d) 1. Rent Payable - A 2. FICA taxes payable - A 3 Interest payable - A 4. Mortgage payable (due in 2 years) - B 5. Bond payable, (due within 3 months) - A 6. Notes payable (due in 15 months) - B 7. Cash deposits (advance) received from customers for services to be performed in six months - A 8. Bond payable, (due in 6 years) - B 9. Deferred income tax (a credit balance) - C 10. Accumulated depreciation - D 11. Employee income taxes withheld - A 12. Accounts Receivable - D 13. Accounts Payable - A 14. Allowance for doubtful accounts - D 15. Income tax payable - A

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