Indicate (by letter) the way each of the items listed below should be reported i
ID: 2503254 • Letter: I
Question
Indicate (by letter) the way each of the items listed below should be reported in a balance sheet at December 31, 2013.
Reporting Method:
N Not Reported
C Current Liability
L Long-Term Liability
D Disclosure Note Only
____1. Customer Deposits
____2. Estimated warranty cost
____3. Long-term bonds that will be callable by the creditor in the upcoming year unless an existing violation is not corrected (there is a reasonable possibility the violation will be corrected within the grace period.
____4. A penalty that has not been assessed, but probably will be asserted, in which case there would probably be a loss in 13 months.
____5. A material gain contingent on a future event that appears extremely likely to occur in three months.
____6. Long-term bonds callable by the creditor in the upcoming year that are not expected to be called
____7. A penalty that has not been assessed that has reasonable possibility of being asserted, in which case a determinable payment is probable
____8. A bond that will be maturing in two months that will be pain with a new bond issuance htat is being sold in one month
____9. Wages payable
____10. A 15 year mortgage installment not that will become due in the year 2022
Explanation / Answer
1.c
2.D.
3.L.
4.D.
5.N.
6.N.
7.C
8.L.
9.C
10.L