Question

Green Domes, Inc, builds environmentally sensitive structures. The company's 2018 revenues totaled $2,820 million. At December 31, 2018, and 2017, the company had, respectively, \$643 million and \$593 million in current assets. The December 31,2018, and 2017, balance sheets and income statements reported the following amounts (Click the icon to view the amounts.) Read the requirements. Requirement 1. Describe each of Green Domes, Inc's liabilities and state how the liability arose. Choose the correct liability from the list that best fits the description provided The amount of long-term notes and bonds payable that the company

Answer 1

Green Domes, Inc.'s liabilities likely include long-term notes and bonds payable, indicating borrowed funds, and deposits that may reflect advance payments from customers. The equity represents the ownership interest in the company.

Step-by-step explanation:

Regarding Green Domes, Inc., to describe the company's liabilities and how they arose, we reference the following information: Assets - reserves 30, bonds 50, and loans 50; Liabilities - deposits 300 and equity 30. The liabilities that likely need to be described here include long-term notes and bonds payable, which represent money borrowed by the company to be paid back at a later date. These could have arisen from financing activities such as building environmentally sensitive structures, requiring significant upfront investment. A liability related to deposits usually indicates that customers or clients have paid money in advance for services to be provided in the future. Equity generally represents the owners' stake in the company, arising from initial investments and retained earnings over time.

Answer 2

1. Long Term Debt: The amount of long-term notes and bonds payable that the company

2. Other liabilities: A catch-all group of liabilities that do not fit one or more specific categories. This is usually listed among the long-term liabilities.

3. Accounts payable: Amounts owed to suppliers for products or services that have been purchased on account.

4. Accrued employee compensation and benefits: Amounts owed to employees for salaries and other payroll-related expenses.

5. Post-retirement benefits: Amounts owed for providing benefits to retirees such as health care costs.

6. Current portion of long-term debt: The next year's payments on the company's long-term debt.

7. Accrued expenses: Expenses that the company has incurred but not yet paid; these are liabilities for expenses such as interest and income taxes.