Harbour Company disclosed estimated product warranty payable for comparative years as follows:

(in millions)
Current Year Prior Year
Current estimated product warranty payable $14,349 $13,757
Noncurrent estimated product warranty payable 8,728 7,692
Total $23,077 $21,449

Assume that Harbour's sales were $169,232 million in current Year and that the total paid on warranty claims during the current year was $14,793 million.

Why are short, and long-term estimated warranty liabilities separately disclosed?

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

answer; balance sheets;

answer; sensory adaptation;