How would each of the following items be reported on the balance sheet?
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How would each of the following items be reported on the balance sheet?
(a)Accrued vacation pay.
(b)Estimated taxes payable.
(c)Service warranties on appliance sales.
(d)Bank overdraft.
(e) Employee payroll deductions unremitted.
(f) Unpaid bonus to officers.
(g) Deposit received from customer to guarantee performance of a contract.
(h) Sales taxes payable.
(i) Gift certificates sold to customers but not yet
redeemed.
(j) Premium offers outstanding.
(k) Discount on notes payable.
(l) Personal injury claim pending.
(m) Current maturities of long-term debts to be paid from current assets.
(n) Cash dividends declared but unpaid.
(o) Dividends in arrears on preferred stocks.
(p) Loans from officers.
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Solution Summary
Complete solution to your posted questions is provided in an analytical Table form in the attached M.S.word file. Necessary explanation is given against each item.
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