Disclosures of liabilities? Required: Indicate (by letter) the way each of the items listed below should be reported in a
E13–21 – Disclosures of liabilities
Required:
Indicate (by letter) the way each of the items listed below should be reported in a
balance sheet at December 31, 2011.
Exercise 13-21
Item Reporting Method
1. Commercial document. N. Not documented
2. Noncommitted credit line. C. Current liability
_ 3. Customer advances. L. Long-term debt
4. Approximated warranty cost. D. Disclosure note only
5. Accounts due. A. Asset
6. Long-term bonds which will be callable by the lender in the next year until an existing breach isn’t fixed (there’s a realistic likelihood the breach will be fixed within the grace period).
7. Note payable March 3, 2012.
_ 8. Interest accrued on note, Dec. 31, 2011.
9. Short-term bank loan to be paid with proceeds of sale of ordinary shares.
10. A determinable profit which is dependent on a future event which seems quite likely to happen in 3 months.
11. Unasserted evaluation of back taxes which possibly will be asserted, in which case there would probably be a loss within six months.
12. Unasserted assessment of back taxes with a realistic likelihood of being asserted, in which case there would probably be a loss within 13 months.
13. A determinable loss from a earlier event which is dependent on a future event which seems quite likely to happen within 3 months.
14. Bond sinking fund.
15. Long-term bonds callable by the creditor in the next year which aren’t expected to be called.
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