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Campbell Soup Company
CASE 3–2
Analyzing and Interpreting Liabilities
Required:
a. Identify Campbell Soup’s major categories of liabilities. Identify which of these liabilities require recognition of interest expense
After evaluation of the learning in Chapter 3, it was found that Campbell Soup that the below categories of liabilities are divided into two parts. The two types of liabilities are interest bearing liabilities and non-interest liabilities. The interest bearing liabilities consists of the short term liabilities and the long term liabilities. On the other hand the non-interest bearing liabilities consists of short term operating liabilities and deferred taxes. The short term operating liabilities are accrual accounts and accounts payable (Julia Kagan, 2021).
b. Reconcile activity in the long-term borrowing account for Year 11
    Long-term Debts
    Retirement of 13.99% notes
    159.7
    Beginning Balance
    $805.8
    Repayment of 9.125% notes
    0.3
    Additional borrowing of 7.5% note
    $0.1
    Repayment of other note
    24.3
    Borrowing on 9% note
    $99.8
    Reclassification of...