on a classified balance sheet:\na. accounts receivable is a current liability.\nb. notes payable due in one…
on a classified balance sheet:\na. accounts receivable is a current liability.\nb. notes payable due in one year is a current liability.\nc. salaries payable is a long - term liability.\nd. dividends is a current asset.
Answer
Brief Explanations:
- Option A: Accounts Receivable is an asset, not a liability.
- Option B: Notes Payable due in one year meets the criteria of a current liability (due within one year).
- Option C: Salaries Payable is a current liability (usually due within a short - term, like next pay period).
- Option D: Dividends are not an asset. They are a distribution of earnings.
Answer:
B. Notes Payable due in one year is a current liability.