Details about a company 's current and contingent liabilities appear in a number of places in the annual report Use the Rainmaker Entertainment Inc (Rainmaker) financial statements on MyAccountingLab to answer the following questions 1 Give the breakdown of Rainmaker 's current liabilities at Decem...

Req 1 Rainmakers current liabilities at December 31 2011 are Dec 31 Dec 31 Jan 1 2011 2010 2010 Current Accounts payable and accrued liabilities 13088 ...

Details about a company's current and contingent liabilities appear in a number of places in the annual

Question:

Details about a company's current and appear in a number of places in the annual report. Use the Rainmaker Entertainment Inc. (Rainmaker) on MyAccountingLab to answer the following questions.
1. Give the breakdown of Rainmaker's current liabilities at December 31, 2011.
2. In general, how is the current portion of most finance lease obligations calculated?
3. How much were Rainmaker's long-term obligations and other indebtedness at December 31, 2011? Describe what these obligations are.
4. Does Rainmaker have any in 2011? If so, where did you find information about them? Describe these and the potential risk to Rainmaker.
Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...