Listed below are seven publicly owned corporations and a liability that regularly appears in eachcorporation’s balance sheet:a. Wells Fargo & Company (banking): Deposits: interest bearingb. The New York Times Company: Unexpired subscriptionsc. The Hollywood Park Companies (horse racing): Outstanding mutuel ticketsd. American Greetings (greeting cards and gift wrap products manufacturer): Sales returnse. Wausau Paper Mills Company: Current maturities of long-term debtf. Club Med., Inc. (resorts): Amounts received for future vacationsg. Apple Computer, Inc.: Accrued marketing and distributionInstructionsBriefly explain what you believe to be the nature of each of these liabilities, including how theliability arose and the manner in which it is likely to be discharged.
Listed below are seven publicly owned corporations and a liability that regularly appears in each
corporation’s balance sheet:
a. Wells Fargo & Company (banking): Deposits: interest bearing
b. The New York Times Company: Unexpired subscriptions
c. The Hollywood Park Companies (horse racing): Outstanding mutuel tickets
d. American Greetings (greeting cards and gift wrap products manufacturer): Sales returns
e. Wausau Paper Mills Company: Current maturities of long-term debt
f. Club Med., Inc. (resorts): Amounts received for future vacations
g. Apple Computer, Inc.: Accrued marketing and distribution
Instructions
Briefly explain what you believe to be the nature of each of these liabilities, including how the
liability arose and the manner in which it is likely to be discharged.
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