Question

Exercise 10-15 Marin Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and notes to the financial statements. $4,445.0 Mortgage payable 1,618.0 Operating leases 1,366.0 Notes payable (due in 2020) 2,102.0 Salaries and wages payable Accounts payable $6,750.0 2,493.0 Accrued pension liability Unearned rent revenue 360.0 590.0 Bonds payable Current portion of mortgage payable Income taxes payable 2,212.0 Notes payable (due in 2018) 278.0 Unused operating line of credit Warranty liability-current 2,985.0 3,500.0 1,911.0 Identify which of the above liabilities are likely current and which are likely long-term. Classification Account Accounts payable Accrued pension liability Unearned rent revenue Bonds payable Current portion of mortgage payable Income taxes payable Mortgage payable Operating leases Notes payable (due in 2020) Salaries and wages payable Notes payable (due in 2018) Unused operating line of credit Warranty liability-current Prepare the liabilities section of Marin's balance sheet as at January 31, 2017. MARIN INC. Balance Sheet (Partial) |(in thousands) LA A $

Answer 1

1	Accounts payable	Current
	Accrued pension liability	Long term
	Unearned rent revenue	Current
	Bonds payable	Long term
	Current portion of mortgage payable	Current
	Income tax payable	Current
	Mortgage payable	Long term
	Operating lease	Not applicable
	Notes payable (due in 2020)	Long term
	Salaries and wages payable	Current
	Notes payable (due in 2018)	Current
	Unused operating line of credit	Not applicable
	Warranty liability current	Current
2	Balance sheet	Amount
	Current liabilities
	Accounts payable	4445
	Unearned rent revenue	1366
	Current portion of mortgage payable	2212
	Income tax payable	278
	Salaries and wages payable	590
	Notes payable (due in 2018)	2985
	Warranty liability current	1911
	Total current liabilities		13787
	Long term liabilities
	Accrued pension liability	1618
	Bonds payable	2102
	Mortgage payable	6750
	Notes payable (due in 2020)	360
	Total long term liabilities		10830
	Total liabilities		24617