Essay
For each of the following, indicate the liability, if any, which would be shown on a balance sheet of Sunshine, Inc. as of December 31, 2016.
1. Sunshine, Inc. received an invoice for advertising during December totaling $2,000, but this has yet to be paid.
2. Sunshine, Inc. has accounts payable of $40,000 for products that are included in the 2016 year-end inventory.
3. Sunshine, Inc. has an unused line of credit of $30,000 from E-Z Loan Bank.
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