Liabilities on the Balance Sheet

For each of the following situations, indicate the amount shown as current or long-term liability on the balance sheet of Anchor, Inc., at December 31: a. Anchors general ledger shows a credit balance of $93,750 in Long-Term Notes Payable. Of the amount, a $18,750 installment becomes due on June 30 of the following year. b. Anchor estimates its unpaid income tax liability for the current year is $25,500; it plans to pay this amount in March of the following year. c. On December 31, Anchor received a $11,250 invoice for merchandise shipped on December 28. The merchandise has not yet been received. The merchandise was shipped F.O.B. shipping point. d. During the year, Anchor collected $7,875 of state sales tax. At year-end, it has not yet remitted $1,050 of these taxes to the state department of revenue. e. On December 31, Anchors bank approved a $3,750, 90-day loan. Anchor plans to sign the note and receive the money on January 2 of the following year.

	Current Liability	Long-Term Liability
a. Balance in Long-Term Notes Payable	Answer	Answer
b. Unpaid income tax liability	Answer	Answer
c. Merchandise shipped F.O.B. Shipping Point	Answer	Answer
d. Sales tax collected	Answer	Answer
e. Bank loan