On whom is the FICA tax levied? What does the FICA tax finance? What are the advantages and disadvantages of issuing bonds rather than common stock? Contingent Liabilities The CEO of Smith & Sons, Inc., negotiated with its principal supplier of raw materials to purchase 10,000 units for a total price of $100,000. The units are to be delivered in 90 days. The CEO is uncertain whether she should record the purchase commitment on the company's balance sheet as a liability or not. She asks for your advice. What would you advise her