For each item state whether it should be classifed as a

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Reference no: EM13576871

1. For each item, state whether it should be classifed as a current liability on the December 31, 2011, balance sheet. Assume that the operating cycle is short than one year. If the item should not be classified as a current liablilty, indicate where on the balance sheet it should be presented.

2. For each item identified as a current liability in part (1), State the account title that is normally used to report the item on the balance sheet.

3. Why would an investor or a creditor be interested in whether an item is a current or long-term liability?

The Following items represnt liablilities on a firm's balance sheets:

a. An amount of money owed to a supplier based on the terms 2/20, n/40, for which no note was executed.

b. an amount of money owed to a creditor on a note due April 30th 2011.

c. an amount of money owed to a creditor on a note due august 15th, 2012.

d. an amount of money owed to emplees for the work performed during the last week in Dec.

e. an amount of money owed to a bank for the use of borrowed funds due on march 1 2011

f. An amount of money owed to a creditor as an annual installment pauyment on a ten-year note.

g. an amount of money owed to the federal government based on the companys annual income.

Reference no: EM13576871

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