Chapter 14, Problem E14.28E

To determine

Reporting liabilities on balance sheet:

On the balance sheet, liabilities are bifurcated in two heading; Current liabilities and Long-term liabilities. Current liabilities are the amounts payable within next financial year and all other liabilities which are payable after next financial year are considered as long-term liabilities.

To indicate:

Liabilities on classified balance on Dec. 31, 2018