Question

Presented here are liability items for Teal Mountain Inc. at December 31, 2022. Accounts payable Notes payable (due May 1, 2023) Bonds payable (due 2026) Unearned rent revenue Discount on bonds payable $204,100 FICA taxes payable $10,140 26,000 Interest payable 52,000 1,170,000 Notes payable (due 2024) 104,000 312,000 Income taxes payable 4,550 53,300 Sales taxes payable 2,210 Prepare the liabilities section of Teal Mountain's balance sheet. TEAL MOUNTAIN INC. Balance sheet (Partial) December 31, 2022

Answer 1

Teal Mountain Corp
Balance Sheet (Partial)
31-Dec-22
Liabilities
Current Liabilities
Accounts Payable	$    204,100.00
Notes Payable	$      26,000.00
Unearned Rent Revenue	$    312,000.00
FICA taxes Payable	$      10,140.00
Interest Payable	$      52,000.00
Income Taxes Payable	$        4,550.00
Sales Taxes Payable	$        2,210.00
Total Current Liabilities			$        611,000.00
Long Term Liabilities
Bonds Payable	$ 1,170,000.00
Less: Discount on Bonds payable	$      53,300.00	$ 1,116,700.00
Notes Payable (due 2024)		$    104,000.00
Total Long term liabilities			$     1,220,700.00
Total Liabilities			$     1,831,700.00