Exercise 14-01 Presented below are various account balances of Blue Sky Inc.. Indicate whether each of...

Question:

Exercise 14-01

Presented below are various account balances of Blue Sky Inc..

Indicate whether each of the items below should be classified on December 31, 2020, as a current liability, a long-term liability, or under some other classification. Consider each one independently from all others; that is, do not assume that all of them relate to one particular business.

CLASSIFY EACH: (a-i)

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