Contero Products has no Work in Process or Finished Goods inventories at the close of business on December 31 of the current year.The balances of Contero Products' accounts as of December 31 are as follows: 
Pretax income for the current year is:
Definitions:
Liabilities
Financial obligations or debts owed by a business to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.
Assets
Assets are possessions or property that a company owns or controls, anticipated to yield benefits in the future.
Claims
Demands for payment or entitlements to compensation for loss, damage, or injury; often encountered in insurance and legal contexts.
Creditors
Entities or organizations that provide loans or offer credit facilities to people.
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