Question

Ice Huts Inc. includes the following selected accounts in its general ledger at December​ 31,

2020​:

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Required

Prepare the liabilities section of

Booth

Ice Huts​ Inc.'s balance sheet at December​ 31,

2020​,

to show how the company would report these items.

Complete the​ liabilities' section of the balance sheet. ​(Use parentheses or a minus sign when entering contra account​ balances.)

Booth Ice Huts Inc.

Partial Balance Sheet

December 31, 2020

	Liabilities
	Current liabilities:
	Total current liabilities
	Long-term liabilities:
	Less:
	Total long-term liabilities
	Total liabilities

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Accounts

	Bonds Payable	$1,020,000	Current Obligation under Capital Lease	$12,000
	Equipment under Capital Lease	350,000	Accounts Payable	57,000
	Interest Payable (due March 1, 2021)	31,000	Capital Lease Liability (long-term)	136,000
	Current Portion of Bonds Payable	162,000	Discount on Bonds Payable
	Notes Payable, Long-term	200,000	(all long-term)	18,000

Answer 1

Current liabilities:	Amount
Interest Payable (due March 1, 2021)	31,000
Current Portion of Bonds Payable	162,000
Current Obligation under Capital Lease	$12,000
Accounts Payable	57,000
	262,000

long-term liabilities	Amount
Bonds Payable	$1,020,000
Notes Payable, Long-term	200,000
Equipment under Capital Lease	350,000
Capital Lease Liability (long-term)	136,000
Discount on Bonds Payable
(all long-term)	18,000
	$1,724,000

Total Liabilities= 262,000 + 1,724,000 = $

$1,986,000