Liabilities on the Balance Sheet

For each of the following situations, indicate the amount shown as a liability on the balance sheet of Cooper, Inc., at December 31:

The situation doesn't require a liability to be recorded, leave the corresponding amount blank (zero).

Transactions		Amount
a. Cooper has accounts payable of $120,000 for merchandise included in the year-end inventory.		Answer
b. Cooper agreed to purchase a $30,000 drill press in the following January.		Answer
c. During November and December of the current year, Cooper sold products to a firm and guaranteed them against product failure for 90 days. Estimated costs of honoring this provision next year are $2,200.		Answer
d. On December 15, Cooper declared a $60,000 cash dividend payable on January 15 of the following year to shareholders of record on December 31.		Answer
e. Cooper provides a profit-sharing bonus for its executives equal to five percent of the reported beforetax income for the current year. The estimated beforetax income for the current year is $800,000.		Answer