Question
Indicate the way each of the items listed below should be reported in a balance sheet at December 31, 2021. 1. Commercial paper. 2.
Indicate the way each of the items listed below should be reported in a balance sheet at December 31, 2021. 1. Commercial paper. 2. Noncommitted line of credit. 3. Customer advances. Item 4. Estimated quality-assurance warranty cost. 5. Accounts payable. 6. Long-term bonds that will be callable by the creditor in the upcoming year unless an existing violation is not corrected (there is a reasonable possibility the violation will be corrected within the grace period). 7. Note due March 3, 2022. 8. Interest accrued on note, December 31, 2021. 9. Short-term bank loan to be paid with proceeds of sale of common stock. 10. A determinable gain that is contingent on a future event that appears extremely likely to occur in three months. 11. 12. 13. Unasserted assessment of taxes owed on prior-year income that probably will be asserted, in which case there would probably be a loss in six months. Unasserted assessment of taxes owed on prior-year income with a reasonable possibility of being asserted, in which case there would probably be a loss in 13 months. A determinable loss from a past event that is contingent on a future event that appears extremely likely to occur in three months. 14. Note payable due April 4, 2024. 15. Long-term bonds callable by the creditor in the upcoming year that are not expected to be called. Reporting Method
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