Question - The adjusted trial balance for Dolton Corporation at the end of the current year contained the following accounts:
Bonds payable, 10% $400,000
Bond interest payable 20,000
Discount on bonds payable 30,000
Notes payable, 9%, due 2010 70,000
Accounts payable 120,000
Instructions -
(a) Prepare the long-term liabilities section of the balance sheet.
(b) Indicate the proper balance sheet classification for the accounts listed above that do not belong in the long-term liabilities section.