Reporting liabilities on the balance sheet
The accounting records of Compass Point Wireless include the following:
|
Accounts payable |
$ 75,000 |
Salary payable |
$ 7,500 |
|
Mortgage note payable, long term |
72,000 |
Bonds payable, current installment |
17,000 |
|
Interest payable |
17,000 |
Premium on all bonds payable |
|
|
Bonds payable, long term |
163,000 |
(all long term) |
12,000 |
|
West, capital |
170,000 |
Unearned service revenue |
3,200 |
Requirement
1. Report these liabilities on the Compass Point Wireless balance sheet, including headings and totals for current liabilities and long term liabilities.