Cyclone, Inc. reports the following liabilities (in thousands) on its January 31, 2007, balance sheet and notes to the financial statements.
|
Accounts payable |
3,263.9 |
Notes payable—long-term |
5,746.7 |
|
Accrued pension liability |
1,215.2 |
Operating leases |
1,641.7 |
|
Accrued liabilities |
1,258.1 |
Loans payable—long-term |
335.6 |
|
Bonds payable |
1,961.2 |
Payroll-related liabilities |
558.1 |
|
Current portion of long-term debt |
1,992.2 |
Short-term borrowings |
2,563.6 |
|
Income taxes payable |
235.2 |
Unused operating line of credit |
3,337.6 |
|
Warranty liability-current |
1,417.3 |
Instructions
(a) Identify which of the above liabilities are likely current and which are likely long term. Say if an item fits in neither category. Explain the reasoning for your selection.
(b) Prepare the liabilities section of Cyclone’s balance sheet as at January 31, 2007.