Link Back to Chapter 4 (Classified Balance Sheet). The accounts of Taylor Electr

Question

Link Back to Chapter 4 (Classified Balance Sheet). The accounts of Taylor
Electronics Company are listed along with their balances before closing for the month ended March 31, 2012.

Accounts payable $76,000
Salary payable $9,500
Mortgage note payable, long-term 80,000
Bonds payable, current installment 30,000
Interest payable 19,000
Premium on all bonds payable(all long-term) 11,000
Bonds payable, long-term 164,000
Rory, capital 175,000
Unearned service revenue 3,000


Report these liabilities on the Route Maker Wireless balance sheet, including
headings and totals for current liabilities and long-term liabilities.

Explanation / Answer

CL: Accounts payable $76,000 Salary payable $9,500 Interest payable 19,000 Unearned service revenue 3,000 Bonds payable, current installment 30,000 long-term liabilities: Mortgage note payable, long-term 80,000 Premium on all bonds payable(all long-term) 11,000 Bonds payable, long-term 164,000 Capita: Rory, capital 175,000

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