Long term liabilities items

Asked by maham237 @ in Business viewed by 273 People

Presented here are long-term liability items for Metlock, Inc. at December 31, 2017. .
Bonds payable (due 2021) $720,000
Notes payable (due 2019) 85,000
Discount on bonds payable 26,000
Prepare the long-term liabilities section of the balance sheet for Metlock, Inc.

Answered by maham237 @


Answer:

Explanation:

The preparation of the long-term liabilities section of the balance sheet for Metlock, Inc is shown below:

Metlock, Inc

Long-term liabilities section

December 31, 2017

Long-term liabilities

Bond payable $720,000

Less: Discount on bonds payable -$26,000 $694,000

Notes payable $85,000

Total Long-term liabilities $779,000


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