As of December 31 of the current year, Alexander Company has prepared the following information regarding its liabilities and other obligations.

Instructions
a. Prepare a listing of Alexander’s current and long-term liabilities as they should be presented in the company’s December 31 balance sheet.
b. Briefly explain why you have excluded any of the listed items in your listing of current and long-term liabilities.

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Notes payable, of which $27,000 will be repaid within the next 12 months... Interest expense that will result from existing liabilities over the next 12 months.... Lawsuit pending against Alexander, in which $525,000 is claimed in damages. Legal counsel can make no reasonable estimate of the company's ultimate liability at this time.... 20-year bond issue that matures in two years. The entire amount will be repaid from a bond sinking fund...... Accrued interest on the 20-year bond issue as of the balance sheet date.... Three-year commitment to Fred Money as chief financial officer at a salary of $150,000 per year.. Note payable due within 90 days (but that is approved for extension for an additional 18 months).....….. Cash deposits from customers for goods and services to be delivered over the next nine months.... Income taxes, of which $145,000 are currently payable and the remainder deferred indefinitely..... $150,000 175,000 525,000 750,000 22,500 450,000 90,000 268,000 260,000