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