Classification of liabilities & preparation of balance sheet for Cyclone Inc.
Not what you're looking for?
Cyclone Inc. reports the following liabilities on the Jan 31, 2007 balance sheet and notes to the financial statements:
Accounts payable 3263.9 Notes payable-long term 5746.7
Accrued pension liab. 1215.2 Operating leases 1641.7
Accrued liability 1258.1 Loans payable-long term 335.6
Bonds payable 1961.2 Payroll-related liability 558.1
Current portion of Short term borrowing 2563.6
long term debt 1992.2 Unused operating line 3337.6
Income tax payable 235.2 Warranty liability current 1417.3
A. Identify which above liability are likely current and which are likely long term. If not neither explain why.
B. Prepare a balance sheet for Cyclone, Inc. as of Jan 31, 2007.
Purchase this Solution
Solution Summary
The solution calculates the classification of liabilities and preparation of balance sheet.
Education
- MBA, Indian Institute of Finance
- Bsc, Madras University
Recent Feedback
- "I've posted a similar question for another course. It's post 657940, and it's a practice problem that I'd like to use for the final exam. Your help will be greatly appreciated. "
- "thank you!"
- "Thank you again Jayant. You are super fast. "
- "Thank you Jayant. You are appreciated. "
- "Again, thank you Jayant. You are wonderful. "
Purchase this Solution
Free BrainMass Quizzes
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.