Question

FastTrackFastTrack Magazine, Inc., includes the following selected accounts in its general ledger at December 31, 20182018...

FastTrackFastTrack

Magazine, Inc., includes the following selected accounts in its general ledger at December 31,

20182018 :

LOADING...

(Click on the icon to view the accounts.)

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

Interest payable (due next year). . . . . . . . . . . .

1,800

Homework Answers

Answer #1

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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