Chapter 10 Accounting for Liabilities EXERCISES-SET B E10-1B. Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown LO1 39,255 ,279 as a liability on the balance sheet of Anchor, Inc., at December 31: a. Anchor's general ledger shows a credit balance of $125,000 in Long-Term Notes Payable. Of .. . . this amount, a $25,000 installment becomes due on June 30 of the following year Anchor estimates its unpaid income tax liability for the current year is $34,000; it plans to pay this amount in March of the following year On December 31, Anchor received a $15,000 invoice for merchandise shipped on December 28. The merchandise has not yet been received. The merchandise was shipped F.O.B. shipping point. During the year, Anchor collected $10.500 of state sales tax. At year-end, it has not yet remitted $1,400 of these taxes to the state department of revenue. On December 31, Anchor's bank approved a $5,000,90-day loan. Anchor plans to sign the note and receive the money on January 2 of the following year. b. c. d. e