Kingbird, Inc. reports the following liabilities (in thousands) on its December 31, 2022, balance sheet and notes to the financial statements.

Accounts payable		$4,272.0		Mortgage payable		$6,755.0
Unearned rent revenue		1,067.0		Notes payable (due in 2025)		344.0
Bonds payable		1,962.0		Salaries and wages payable		867.0
Current portion of mortgage payable		2,001.0		Notes payable (due in 2023)		2,572.0
Income taxes payable		274.0		Warranty liabilitycurrent		1,426.0

(a)

Correct answer iconYour answer is correct.

Identify which of the above liabilities are likely current and which are likely long-term.

Account		Classification
Accounts payable		select a Classification Long-term LiabilityCurrent LiabilityNot Applicable
Unearned rent revenue		select a Classification Long-term LiabilityNot ApplicableCurrent Liability
Bonds payable		select a Classification Long-term LiabilityNot ApplicableCurrent Liability
Current portion of mortgage payable		select a Classification Long-term LiabilityCurrent LiabilityNot Applicable
Income taxes payable		select a Classification Not ApplicableCurrent LiabilityLong-term Liability
Mortgage payable		select a Classification Current LiabilityNot ApplicableLong-term Liability
Notes payable (due in 2025)		select a Classification Long-term LiabilityCurrent LiabilityNot Applicable
Salaries and wages payable		select a Classification Not ApplicableCurrent LiabilityLong-term Liability
Notes payable (due in 2023)		select a Classification Not ApplicableLong-term LiabilityCurrent Liability
Warranty liabilitycurrent		select a Classification Not ApplicableCurrent LiabilityLong-term Liability

eTextbook and Media

List of Accounts

Attempts: 4 of 6 used

(b)

Prepare the liabilities section of Kingbirds balance sheet as at December 31, 2022.

KINGBIRD, INC. Balance Sheet (Partial) choose the accounting period For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022 (in thousands)
select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity					$enter a total amount for subsection one
select an opening name for subsection two Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection two Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity					enter a total amount for subsection two
select a closing section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity					$enter a total amount for this section