32. The adjusted trial balance for Lifesaver Corp. at the end of the current yea

ID: 2343258 • Letter: 3

Question

32. The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2014, contained the following accounts.

5-year Bonds Payable 8% $2,500,000

Interest Payable 50,000

Premium on Bonds Payable 100,000

Notes Payable (3 months.) 40,000

Notes Payable (5 yr.) 165,000

Mortgage Payable ($5,000 due currently) 200,000

Salaries and wages Payable 18,000

Income Taxes Payable (due 3/15 of 2015) 25,000

The total long-term liabilities reported on the balance sheet are

a. $2,860,000.

b. $2,850,000.

c. $2,960,000.

d. $2,950,000.

The total long-term liabilities reported on the balance sheet are:

5-year Bonds Payable 8% $2,500,000

Notes Payable (5 yr.) 165,000

Mortgage Payable ($5,000 due currently) 195,000

Total long-term liabilities 2860000

Answer a. $2,860,000

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