Exercise
How would each of the following items be reported on the balance sheet?
(A) accrued vacation pay. Current Liability.
(B) estimated taxes payable Current Liability.
(c) service warranties on appliance sales Current Liability or Long term depending on the terms.
(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 contract. Current Liability or Long term.
(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 Contra account to notes payable.
(L) Personal injury claim pending Footnote.
(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.
(p) loans from officers Current Liability or long term liability.