Reference no: EM132696526

Question - From the following information, determine whether the accounts are current or long-term liabilities. Show how the current liabilities would be presented on the balance sheet at December 31, 2019, assuming a separate line on the balance sheet for each item. Perform any calculations that may be required.

a. A one-year, 5 percent note payable for $3,600 was issued on November 3, 2019.

b. A $30,000, 180-day, 4 percent bank loan was arranged and effective on September 17, 2019.

c. A $18,000, two-year, 4 percent bank loan was arranged and effective on September 17, 2019. The loan must be repaid in full on September 17, 2021.

d. A $30,000, two-year, 6 percent bank loan was arranged and effective on January 2, 2019. Half of the loan must be repaid on January 2, 2020, and the remainder repaid on January 2, 2021.

e. Of the $5,400 unearned subscription revenue that was recorded during the year, $4,400 was earned by December 31.

f. The company expects to pay future warranty costs of 5 percent of sales for the $380,000 of goods sold during 2019.