HW_09_Solutions

HW_09_Solutions - Solutions to Homework 9 Raffaele B. Mari,...

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Solutions to Homework 9 Due November 9, 2010 Raffaele B. Mari, CPA Econ 25 – Econ of Acctg. EXERCISE 10-13 (a) Account Classification Reason Accounts payable Current liability Due within one year Accrued pension liability Long-term liability Likely relates to pensions. Not due within one year Accrued liabilities Current liability Due within one year Bonds payable Long-term liability Not due within one year Current portion of long- term debt Current liability Due within one year Income taxes payable Current liability Due within one year Notes payable—long- term Long-term liability Not due within one year Operating leases N/A Not a balance sheet item— may be disclosed in notes Loans payable—long- term Long-term liability Not due within one year Payroll-related liabilities Current liability Due within one year Short-term borrowings Current liability Due within one year Unused operating line of credit N/A Not a balance sheet item as unused—may be disclosed in notes Warranty liability— current Current liability Can be current and/or long- term depending on the length of the warranty. This is current
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This note was uploaded on 12/13/2011 for the course ECON 15A taught by Professor Shirey during the Fall '08 term at UC Irvine.

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HW_09_Solutions - Solutions to Homework 9 Raffaele B. Mari,...

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