Help with Accounting HW Problem. Create a general ledger. Corporate Magazing, In

ID: 2604216 • Letter: H

Question

Help with Accounting HW Problem. Create a general ledger.

Corporate Magazing, Inc, includes the fallawing selected accounts in its general ledger at Dacember 31, 2016: 'cick on the icon to view the accounts.) Prapare the liabilitics sectian af Carporate Magazina's balanca sheet at Decambar 31, 2016, to shaw haw the campany would raport these itams Raport a total for urent liabilties (Report any accounts that do not have a correspanding contra account bafore any accounts with a correspanding contra account Data Table Mortgage noles payable (due in 15 years) Lease payable, long-term Bonds payable(due in 10 years) Interest payable (due next year) 150,000 Accourits payable 27,000 Discount on bonds payable 5,000 425,000 1,300 Less Print Done Total liabilities

Explanation / Answer

Pls refer below table

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Current liability

Interest Payable

1300

Accounts Payable

37000

Total Current liability

38300

Long term liabilities

Mortgage notes payable

150000

Lease payable

27000

Bonds payable

425000

-Discount on bond payable

15000

Total long term liability

587000

Total liability

625300