Suburan INc, includes the following selected accounts in its general ledger at D

Question

Suburan INc, includes the following selected accounts in its general ledger at December 31, 2014

Prepare the liabilities section of Suburban INc's balance sheet at December 31, 2014, to show how the company would report these items. Report total current liabilies and total liabilities.

Bond Payable (Excluding current portion) $200,000

Equipment                                                   $116,000

Current portion of bond payable                  $55,000

Note payable, long-term                               $225,000

Interest payable (Due March 31, 2013)         $1,600

Accounts payable                                            $ 35,000

Discount on bond payable (all long-term)         $6,000

Acounts Receivable                                          $33,000

Explanation / Answer

Long Term Debt Bonds Payable 200000 Notes Payble - Long term 225000 Discount on bond payable (all long-term) 6000 431000 Current Liabilities Bond Payable (Current Portion) 55000 Interest payable (Due March 31, 2013) 1600 Accounts payable 35000 91600 Total Liabilities 522600

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