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Presented here are long-term liability items for Windsor, Inc. at December 31, 2022. Bonds payable (due...

Presented here are long-term liability items for Windsor, Inc. at December 31, 2022.

Bonds payable (due 2026) $860,000
Notes payable (due 2024) 79,000
Discount on bonds payable 33,000


Prepare the long-term liabilities section of the balance sheet for Windsor, Inc.

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Answer #1

Long term liability section of balance sheet for Windsor Inc

Particulars Amount ($)
Note payable (due 2024) 79000
Discount on note payable (due 2024) 33000
Bonds payable (due 2026) 860000
Total long term liabilities 972000

The discount on note payable should be paid over the life of the note payable. Hence, it is classified as long term liability.

These are all the information required to the above given question.

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