Disclosures of liabilities
Required:
Indicate (by letter) the way each of the items listed below should be reported in a balance sheet at December 31, 2011.
|
Item |
Reporting Category |
|
1. Commercial paper. |
N. Not reported |
|
2. Noncommitted line of credit. |
C. Current liability |
|
3. Customer advances. |
L. Long-term liability |
|
4. Estimated warranty cost. |
D. Disclosure note only |
|
5. Accounts payable. |
A. Asset |
6. Long-term bonds that will be callable by the creditor in ther upcoming year unless an existing violation is not corrected (there is a reasonable possibility the violation will be corrected within the grace period).
7. Note due March 3, 2012.
8. Interest accrued on note, Dec. 31, 2011.
9. Short-term bank loan to be paid with proceeds of sale of common stock.
10. A determinable gain that is contingent on a future event that appears extremely likely to occur in three months.
11. Unasserted assessment of back taxes that probably will be asserted, in which case there would probably be a loss in six months.
12. Unasserted assessment of back taxes with a reasonable possibility of being asserted, in which case there would probably be a loss in 13 months.
13. A determinable loss from a past event that is contingent on a future event that appears extremely likely to occur in three months.
14. Bond sinking fund.
15. Long-term bonds callable by the creditor in the upcoming year that are not expected to be called.