Pascal Corporation is preparing its December 31, 2019, statement of financial position. The following items may be

Question:

Pascal is preparing its December 31, 2019, statement of financial position. The following items may be reported as either a current or non-current liability.
1. On December 15, 2019, Pascal declared a cash of $2.00 per share to shareholders of record on December 31. The is payable on January 15, 2020. Pascal has issued 1,000,000 ordinary shares of which 50,000 shares are held in treasury.
2. At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 8% interest every September 30 and mature in installments of $25,000,000 every September 30, beginning September 30, 2020.
3. At December 31, 2018, customer advances were $12,000,000. During 2019, Pascal collected $30,000,000 of customer advances; advances of $25,000,000 represent performance obligations, which have been satisfied.
Instructions
For each item above, indicate the dollar amounts to be reported as a current liability and as a non-current liability, if any.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...