Question - The adjusted trial balance for Stayner Corporation at the year end of December 31, 2012 contained the following accounts:
Bonds payable, 7% $500,000
Bond interest payable 20,000
Discount on bods payable 30,000
Notes payable, 8%, due 2014 80,000
Accounts payable 120,000
1. Prepare the long-term liabilities section of the balance sheet.
2. Indicate the proper balance sheet classification for the accounts listed above that do not belong in the long-term liabilities section.