Pedrick, Inc. reports the following liabilities (in thousands) on its January 31, 2012, balance sheet and notes to the financial statements.
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Accounts payable
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$4,263.9
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Mortgage payable
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$6,746.7
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Accrued pension liability
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1,115.2
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Operating leases
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1,641.7
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Unearned sales revenue
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1,058.1
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Notes payable (due in 2015)
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335.6
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Bonds payable
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1,961.2
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Salaries and wages payable
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858.1
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Current portion of
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Notes payable (due in 2013)
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2,563.6
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mortgage payable
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1,992.2
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Unused operating line of credit
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3,337.6
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Income taxes payable
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265.2
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Warranty liability-current
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1,417.3
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Instructions
(a) Identify which of the above liabilities are likely current and which are likely longterm. Say if an item fits in neither category. Explain the reasoning for your selection.
(b) Prepare the liabilities section of Pedrick"s balance sheet as at January 31, 2012.