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Magazine, Inc., includes the following selected accounts in its general ledger at December 31,
20182018 :
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Requirement
1. Prepare the liabilities section of
FastTrackFastTrack
Magazine's balance sheet at
magazine, Inc., includes the following selected accounts in its general ledger at December 31,
20182018 :
December31,2018 ,to show how the company would report these items. Report a total for current liabilities. (Report any accounts that do not have a corresponding contra account before any accounts with a corresponding contra account.)
Mortgage notes payable (due in 15 years). . . |
$125,000 |
Accounts payable. . . . . . . . . . . . . |
$35,000 |
Lease payable, long-term. . . . . . . . . . . . . . . . . |
28,000 |
Discount on bonds payable. . . . . . |
6,000 |
Bonds payable (due in 10 years). . . . . . . . . . . |
325,000 |
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Interest payable (due next year). . . . . . . . . . . . |
1,800 |
Liabilities section of FastTrack Magazine's balance sheet is as prepared below:
Liabilities : | ||
Current Liabilities | ||
Accounts Payable | 35,000 | |
Interest Payable | 1,800 | |
Total Current Liabilities | 36,800 | |
Long term liabilities: | ||
Mortgage Notes Payable | 125,000 | |
Lease payable, long term | 28,000 | |
Bonds payable | 325,000 | |
Less: Discount on bonds payable | -6,000 | 319,000 |
Total long term liabilities | 472,000 | |
Total Liabilities | 508,800 |
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