https://edugen wileyplus.com/edu infr.uni Kimmel, Financial Accounting, 8e Briet

Question

https://edugen wileyplus.com/edu infr.uni Kimmel, Financial Accounting, 8e Briet Exercise 10-13 Presented here are liability items for Windsor, Inc. at December 31, 2017 Accounts payable Notes payable (due May 1, 2018) Bonds payable (due 2021) Unearned rent revenue Discount on bonds payable $329,700 1,890,000 86,100 FICA taxes payable Notes payable (due 2019) Sales taxes payable $16,380 84,000 168,000 7,350 3,570 42,000 Interest payable 504,000 ncome taxes payable Prepare the liabilities section of Windsor's balance sheet. WINDSOR, INC. Balance sheet (Partial)

Explanation / Answer

Balance Sheet (Partial) December 31, 2017 Current liabilities: Accounts Payable 329700 Notes Payable(due May 1 2018) 42000 Unearned Rent Revenue 504000 Income Taxes payable 7350 Sales Taxespayable 3570 Interest Payable 84000 FICA Taxes payable 16380 Total Current liabilities 987000 Long-term liabilities: Bonds Payable 1890000 Less: Discount on bonds payable 86100 1803900 Notes Payable(due 2019) 168000 Total Long-term liabilities 1971900 Total liabilities 2958900

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