Unformatted text preview: ACCT 2101 CLASS EXERCISE Date
Reporting Liabilities Name 7 Section 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-wlong-term 3356
Bonds payable 1,961.2 Payroll-related liabilities 5581
Current portion of ' Short—term borrowings 2,563.6
long-term debt 1,992.2 Unused operating line of credit 3,337.6
Income taxes payable 235.2 Warranty liabilitywcurrent 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. ...
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- Spring '08