Preparing the liabilities section of the balance sheet
Blue Socks’ account balances at June 30, 2014, include the following:
|
Data Table |
|||
|
Cash |
$ 138,000 |
Salary payable |
$ 6,500 |
|
Long term notes payable |
117,000 |
Building, net of depreciation |
780,000 |
|
Accounts payable |
13,200 |
Interest payable (due next year) |
2,400 |
|
Current portion of long term notes payable |
8,000 |
FICA taxes payable |
1,900 |
|
Blue, capital |
500,000 |
Accounts receivable |
145,000 |
|
Premium on bonds payable |
12,000 |
Bonds payable (Maturity date 12/31/2020) |
400,000 |
|
Sales taxes payable |
4,000 |
Blue, drawing |
2,000 |
Requirement
1. Prepare the liabilities section of Blue Socks’ balance sheet at June 30, 2014.