(Answered) The financial statements of pepsico inc and the notes to

Accounting

The financial statements of PepsiCo, Inc. and the Notes to Consolidated Financial Statements appear in Appendix A.

Instructions

Refer to PepsiCo's financial statements and answer the following questions about current and contingent liabilities and payroll costs.

(a) What were PepsiCo's total current liabilities at December 29, 2007? What was the increase/decrease in PepsiCo's total current liabilities from the prior year?

(b) In PepsiCo's Note 2 ("Our Significant Accounting Policies"), the company explains the nature of its contingencies. Under what conditions does PepsiCo recognize (record and report) liabilities for contingencies?

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