How would each of the following items be reported on the balance sheet? (a) Accrued vacation pay. (b) Estimated taxes payable.

How would each of the following items be reported on the balance sheet?

(a) Accrued vacation pay.

(b) Estimated taxes payable.

(d) Bank overdraft.

(e) Employee payroll deductions unremitted.

(f) Unpaid bonus to officers.

(g) Deposit received from customer to guarantee performance of a contract.

(h) Sales taxes payable.

(i) Gift certificates sold to customers but not yet redeemed.

(j) Premium offers outstanding.

(k) Discount on notes payable.

(l) Personal injury claim pending.

(m) Current maturities of long-term debts to be paid from current assets.

(n) Cash dividends declared but unpaid.

(o) Dividends in arrears on preferred stock.

(p) Loans from officers.

Solutions

Expert Solution

		Reported in Balance sheet As
(a)	Accrued vacation pay.	Current Liability
(b)	Estimated taxes payable.	Current Liability
(c)	Service warranties on appliance sales.	Current Liability or Long-term Liability depending on term of warranty.
(d)	Bank overdraft.	Current Liability
(e)	Employee payroll deductions unremitted.	Current Liability
(f)	Unpaid bonus to officers.	Current Liability
(g)	Deposit received from customer to guarantee performance of a contract.	Current or Noncurrent Liability depending upon the time involved.
(h)	Sales taxes payable.	Current Liability
(i)	Gift certificates sold to customers but not yet redeemed.	Current Liability
(j)	Premium offers outstanding.	Current Liability
(k)	Discount on notes payable.	Current Liability or Long-term Liability as a deduction from face value of Note.
(l)	Personal injury claim pending (assume not probable and/or not reasonably estimable).	Footnote Disclosure (assume not probable and/or not reasonably estimable).
(m)	Current maturities of long-term debts to be paid from current assets.	Current Liability
(n)	Cash dividends declared but unpaid.	Current Liability
(o)	Dividends in arrears on preferred stock.	Footnote Disclosure
(p)	Loans from officers.	Separate presentation in either current or long term liability section.

		Reported in Balance sheet As
(a)	Accrued vacation pay.	Current Liability
(b)	Estimated taxes payable.	Current Liability
(c)	Service warranties on appliance sales.	Current Liability or Long-term Liability depending on term of warranty.

Junaid answered 2 years ago

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