Answer:
(a) A note payable for $100,000 due in 2 years. - Non-current liability
(b) A 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments. - Both
(c) Interest payable of $15,000 on the mortgage - current liability
(d) Accounts payable of $60,000 - current liability
Explanation:
Current liabity is a liability that its obligations will be paid within a year. For example, accounts payable, a loan that must be repaid in 6months.
Non-current liability is a liability that its obligations will be paid more than a year. For example long term loan that has a life span of 5years.
So in the question:
(a) A note payable for $100,000 due in 2 years. - Non-current liability
(b) A 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments. - Both ( $200,000 payable in ten years is a non-current liability while the $annual payment of $20,000 is a current liability.
(c) Interest payable of $15,000 on the mortgage - current liability
(d) Accounts payable of $60,000 - current liability
