(Learning Objectives 4, 5: Reporting liabilities on the balance sheet; calculating the times-interest-earned ratio) The accounting records of Brilliant Foods, Inc., include the following items at December 31, 20X0:

❙ Requirements 1. Show how each relevant item would be reported on the Brilliant Foods, Inc., classifi ed balance sheet, including headings and totals for current liabilities and long-term liabilities.

2. Answer the following questions about Brilliant’s fi nancial position at December 31, 20X0:

a. What is the carrying amount of the bonds payable (combine the current and longterm amounts)?

b. Why is the interest-payable amount so much less than the amount of interest expense?

3. How many times did Brilliant cover its interest expense during 20X0?