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 $$300,000$ for merchandise included in the year$-$end inventory. Answer

b$.$ Cooper agreed to purchase a $$75,000$ 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 $$5,500.$ Answer

d$.$ On December $15,$ Cooper declared a $$150,000$ 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 before$$tax income for the current year. The estimated before$$tax income for the current year is $$2,000,000.$ Answer