Identify which of the accounts should be classified as a


Current Liabilities

The following items are accounts on Smith's balance sheet of December 31, 2016:

Required:

Identify which of the accounts should be classified as a current liability on Smith's balance sheet. For each item that is not a current liability, indicate the category of the balance sheet in which it would be classified.

Assume the company has the following balance sheet categories: current asset; property, plant, and equipment; long-term investment; intangible asset; current liability; long-term liability; and stockholders' equity.

Notes Payable, 9%, due in 90 days

Estimated Warranty Payable in 2017

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Accounting Basics: Identify which of the accounts should be classified as a
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