ACME Corporation reported the following items in its December31, 2007, financial

Question

ACME Corporation reported the following items in its December31, 2007, financial statements:

Capital lease obligations (10% due in 2008)

$ 40,000

Treasury stock

10,000

Preferred stock

150,000

Accounts payable

4,500

Bonds payable (due 2012)

450,000

Contingent liability (reasonably possible to require payment

   in 2009)

20,000

Common stock

125,000

Wages payable

7,500

Prepare schedules of (a) current and (b) long-termliabilities.

Capital lease obligations (10% due in 2008)

$ 40,000

Treasury stock

10,000

Preferred stock

150,000

Accounts payable

4,500

Bonds payable (due 2012)

450,000

Contingent liability (reasonably possible to require payment

   in 2009)

20,000

Common stock

125,000

Wages payable

7,500

Explanation / Answer

x.

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