Chapter 13, Problem 13.23E

To determine

Current and Long-Term Liabilities:

Liabilities are referred to as the obligations of the business towards the creditors for operating the business. Liabilities may be short-term or long-term depending upon the time duration in which it is paid back to the creditors.

Liabilities are classified in to current liabilities and long-term liabilities. Current liabilities are those liabilities which need to be paid within a year. Long-term liabilities are those liabilities that have longer maturity period.

Financial Disclosures:

Financial disclosures are those disclosures that contain all relevant and related financial information that help in understanding the financial statements of a particular organization. It is used to evaluate the performance and financial health of the company.

Financial disclosures are provided as notes to the financial statements with supporting schedules.

To indicate: By letter N (Not reported), C (Current liability), L (Long-term liability), D (Disclosure note only), and A (Asset) the way each of the items listed below should be reported in a balance sheet at December 31, 2016.