Question

Notes payable (due in 5 years) Accounts payable Bonds payable (due in 10 years) Machinery $ 5,000 1,500 12,000 6,500 Discount on bonds payable Wages payable Interest payable (due in 2 weeks) Sales tax payable $1,400 700 350 300 Prepare the liabilities section of its classified balance sheet. (Negative amount(s) should be indicated by a minus sign.) WOOHOO CO. Liabilities Section of Balance Sheet December 31 Liabilities Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities

Answer 1

Liabilities section of Balance sheet

December 31

Current liabilities
Accounts payable		1,500
Wages payable		700
Interest payable		350
Sales tax payable		300
Total current liabilities		2,850
Long term liabilities
Bonds payable	12,000
Discount on bonds payable	- 1,400
Carrying value of bonds		10,600
Notes payable		5,000
Total Long term liabilities		15,600
Total liabilities		$18,450

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