Rodriguez Corporation includes the following items in its liabilities at December 31, 2020. 1. Notes payable, $25,000,000, due June 30, 2021. 2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000. 3. Salaries and wages payable, $3,750,000, due January 14, 2021. Instructions Indicate in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.
Rodriguez Corporation includes the following items in its liabilities at December 31, 2020. 1. Notes payable, $25,000,000, due June 30, 2021. 2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000. 3. Salaries and wages payable, $3,750,000, due January 14, 2021. Instructions Indicate in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 28E: On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First...
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Question
Rodriguez Corporation includes the following items in its liabilities at December 31, 2020.
1. Notes payable, $25,000,000, due June 30, 2021.
2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000.
3. Salaries and wages payable, $3,750,000, due January 14, 2021.
Instructions
Indicate in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.
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