Busch Company has these obligations at December 31. For each obligation, indicate whether it should be classified as a current liability, long-term liability, or both. (a) A note payable for $100,000 due in 2 years. select a balance sheet section (b) A 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments. select a balance sheet section (c) Interest payable of $15,000 on the mortgage. select a balance sheet section (d) Accounts payable of $60,000.

The categorization is shown below:

Explanation:

The categorization is shown below:

(a) A note payable for $100,000 due in 2 years = Long term liabilities as it is exceeded one year

(b) A 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments.= Current liabilities and the long term liabilities . The annual payment is considered current liabilities and from next year it would be considered as long term liabilities

(c) Interest payable of $15,000 on the mortgage = Current liabilities as it is for one year

(d) Accounts payable of $60,000. = Current liabilities  as it is for one year

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