Question - Like Home Inc. includes the following selected accounts in its general ledger Dec 31. 2012.
Prepare the liabilities section of life Inc balance sheet of Dec 31, 2012 to show how the company report these items, report current liabilities and total liabilities.
Data Table:
Bonds payable $ 200,000
Equipment 118,000
Current portion of bonds payable 51,000
Notes payable, long-term 125,000
Interest payable (due March 1, 2013) 1,400
Accounts payable 33,000
Discount on bonds payable (all long-term) 6,000
Accounts receivable 31,000