Question

ne following is a December 31, 2019, post-closing trial balance for Desert Company: Credits Debits $ 83,000 $280,000 $ 32,000 Account Title Cash Accounts Receivable (net of Allowance) Prepaid Expenses Investments Land Buildings (net) Equipment (net) Accounts Payable Accrued Expenses Unearned Revenue Notes Payable Common Stock Retained Earnings TOTALS $ 65,000 $175,000 $160,000 $145,000 $ 73,000 $ 45,000 $150,000 $300,000 $200,000 $172,000 $940,000 $940,000

whats total Long term liabilities, amount of current liaabilities, and total PPE

Answer 1

Solution:

	Total long term liabilities
	1.Unearned Revenue(Customer Prepayment for years 2021 and 2022)	100000
	2. Notes Payable
	$100,000 bond due in six years	100000
	$50000 due on Nov1, 2021 & 2022	100000
	Total long term liabilities	300000
	Total short term liabilities
	1.Unearned Revenue (Customer Prepayment for 2020	50000
	2. Notes Payable
	$50000 note due in six months	50000
	$50000 due on Nov.1, 2020	50000
	3. Accounts Payable	73000
	4. Accrued Expenses	45000
	Total short term liabilities	268000
	Plant, Property and Equipment
	Land ( $175000-$75000)	100000
	Buildings -net	160000
	Machinery	145000
	PPE	405000