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Current and NonCurrent Liabilities for D'Annunzio Corporation (Rodriguez Corporation)

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D'Annunzio Corporation (Rodriguez Corporation) includes the following items in its liabilities at December 31, 2007.

1. Notes payable $25,000,000, due June 30, 2008.
2. Deposits from customers on equipment ordered by them from Annunzio, $6,250,000.
3. Salaries payable $3,750,000, due January 14, 2008.

Instructions:

Indicate in what circumstance if any, each of the three liabilities above would be excluded from current liabilities.

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Solution Summary

This solution indicates in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.

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D'Annunzio Corporation includes the following items in its liabilities at December 31, 2007.

1. Notes payable $25,000,000, due June 30, 2008.
2. Deposits from customers on equipment ordered by them from Annunzio, $6,250,000.
3. ...

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