Academic help online

Frederic Chopin Corporation is preparing its December 31, 2008, balance sheet. The following items may be reported as either a current or long-term liability.
1. On December 15, 2008, Chopin declared a cash dividend of $2.50 per share to stockholders of record on December 31. The dividend is payable on January 15, 2009. Chopin has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury.
2. At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,000,000 every September 30, beginning September 30, 2009.
3. At December 31, 2007, customer advances were $12,000,000. During 2008, Chopin collected $30,000,000 of customer advances, and advances of $25,000,000 were earned.

For each item above indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any.

All Rights Reserved,
Disclaimer: You will use the product (paper) for legal purposes only and you are not authorized to plagiarize. In addition, neither our website nor any of its affiliates and/or partners shall be liable for any unethical, inappropriate, illegal, or otherwise wrongful use of the Products and/or other written material received from the Website. This includes plagiarism, lawsuits, poor grading, expulsion, academic probation, loss of scholarships / awards / grants/ prizes / titles / positions, failure, suspension, or any other disciplinary or legal actions. Purchasers of Products from the Website are solely responsible for any and all disciplinary actions arising from the improper, unethical, and/or illegal use of such Products.