CAPE Accounting Unit 1 · 2016 · Paper 2 · Question 3(c)

At 31 December 2015, Manning Corporation's outstanding liabilities included: - Note payable to Third National Bank: 300,000, due 05 January 2017. - Cash dividends declared 15 December 2015: 60,000, payable 06 January 2016. - Note payable to Admire State Bank: 470,000, due 06 January 2016. - Serial bonds: 1,000,000, of which 250,000 matures during 2016. Expected in 2016: On 05 January, 40,000 common shares will be issued for 350,000, with $300,000 used to liquidate the note to Third National Bank.

Prepare a partial balance sheet for Manning Corporation showing the proper presentation and classification (current vs. long-term) of the liabilities at 31 December 2015, including appropriate note disclosure.