Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. Cash Neither B. Federal income tax payable this year Current liability C. Long-term note payable Noncurrent liability D. Current portion of a long-term note payable Current liability E. Note Payable due in four years Noncurrent liability F. Interest Expense Current liability G. State income tax Current liability

If a liability is to be paid within the current period then it is a current liability and as federal income tax payable is a liability and it is due this year, it is a current liability.

C. Long-term note payable ⇒ Noncurrent liability

If the liability is for more than the current period then it is a non-current liability.

D. Current portion of a long-term note payable ⇒ Current liability

The current portion of a long term note payable is due to be paid within current period so is a current liability.

E. Note Payable due in four years ⇒ Noncurrent liability

This is due for more than the current period so is a non-current liability.

F. Interest Expense ⇒ Neither

This is not a liability but an expense that goes to the income statement.

G. State income tax ⇒ Neither

This is not a liability either but an expense that goes to the income statement.