Acme corporation reported the following items in its, Ask an Expert

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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-term liabilities.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9796874

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