Preparing the liabilities section of the balance sheet
Luxury Suites Hotels includes the following selected accounts in its general ledger at December 31, 2012:
|
Note payable, long term |
$ 125,000 |
Accounts payable |
$ 34,000 |
|
Bonds payable |
325,000 |
Discount on bonds payable |
9,750 |
|
Interest payable (due next year) |
1,200 |
Salary payable |
2,800 |
|
Estimated warranty payable |
1,800 |
Sales tax payable |
800 |
Requirement
1. Prepare the liabilities section of Luxury Suites’ balance sheet at December 31, 2012. Report a total for current liabilities.