prepare the liabilities section of edmonds rsquo s balance sheet as at january 31 20 575487

Aug 29, 2021 | Uncategorized

Edmonds, Inc. reports the following liabilities (in thousands) on its January 31, 2010, balance sheet and notes to the financial statements.

Accounts payable

$4,263.9

Notes payable—long term

$6,746.7

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

1,992.2

Short term borrowings

2,563.6

long term debt

235.2

Unused operating line of credit

3,337.6

Income taxes payable

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)

Edmonds, Inc. reports the following liabilities (in thousands) on its January 31, 2010, balance sheet and notes to the financial statements.

Accounts payable

$4,263.9

Notes payable—long term

$6,746.7

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

1,992.2

Short term borrowings

2,563.6

long term debt

235.2

Unused operating line of credit

3,337.6

Income taxes payable

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 Edmonds’s balance sheet as at January 31, 2010.