Listed below are seven publicly owned corporations and a liability that regularly appears in each corporation’s balance sheet:

a. Wells Fargo & Company (banking): Deposits: interest bearing

b. The New York Times Company: Unexpired subscriptions

c. The Hollywood Park Companies (horse racing): Outstanding mutual tickets

d. American Greetings (greeting cards and gift wrap products manufacturer): Sales returns

e. Wausau Paper Mills Company: Current maturities of long-term debt

f. Club Med., Inc. (resorts): Amounts received for future vacations

g. Apple Computer, Inc.: Accrued marketing and distribution

Instructions

Briefly explain what you believe to be the nature of each of these liabilities, including how the liability arose and the manner in which it is likely to be discharged.