Question

Morton Electronics had the following obligations:
a. A legally enforceable claim against the business to be paid in three months.
b. A guarantee given by a seller to a purchaser to repair or replace defective goods during the first six months following a sale.
c. An amount payable to Bank One in 10 years.
d. An amount to be paid next year to Citibank on a long-term note payable.

Required:
Describe how each of these items should be reported in the balance sheet.


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  • CreatedSeptember 22, 2015
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