A company has outstanding accounts payable of $30,000 and a short-term construction loan in the amount of $100,000 at year end. The loan was refinanced through issuance of long-term bonds after year end but before issuance of financial statements. How should these liabilities be recorded in the balance sheet? a. Long-term liabilities of $130,000. b. Current liabilities of $130,000. c. Current liabilities of $30,000, long-term liabilities of $100,000. d. Current liabilities of $130,000, with required footnote disclosure of the refinancing of the loan. . A company has the following liabilities at year end: Mortgage note payable; $16,000 due within 12 months $355,000 Short-term debt that the company is refinancing with long-term debt 175,000 Deferred tax liability arising from depreciation 25,000 What amount should the company include in the current liability section of the balance sheet? a. $0 b. $16,000 c. $41,000 d. $191,000 Vall Co. sells a product under a two-year warranty. The estimated cost of warranty repairs is 2% of net sales. During Wall's first two years in business, it made the following sales and incurred the following warranty repair costs: Year 1 Total sales Total repair costs incurred $250,000 4,500 Year 2 Total sales Total repair costs incurred $300,000 5,000 What amount should Wall report as warranty expense for year 2? a. $1,000 b. $5,000 c. $5,900 d. $6,000