Read Case 10.1 in Critical Thinking Cases on p. 482 of Financial Accounting. (Shown Below)

Post a response in 150 to 200 words to the following prompts, providing specific examples to support your responses:

• Briefly explain what you believe to be nature of each of these liabilities.
• How do the liabilities affect the financial statements of the organization?

"CASE 10.1

The Nature of Liabilities

Listed are seven publicly owned corporations and a liability that regularly appears in each corporations balance sheet.

Wells Fargo & Company (banking): Deposits--interest bearing

The New York Times Company (newspaper publisher): Unexpired subscriptions

The Hollywood Park Companies (horse racing): Outstanding mutuel tickets

American Greetings (greeting cards and gift wrap products manufacturer): Sales returns

Wausau Paper Mills Company (paper manufacturer): Current maturities of long-term debt

Club Med., Inc. (resorts): Amounts received for future vacations

Apple Computer, Inc. (computer manufacturer): Accrued marketing and distribution

General Motors Corporation (automobile manufacturer): obligation for postretirement benefits"