Homework Answers
| Current Liabilities are those liabilities which needs to be settled within a short period of time, usually withing one year | ||||||
| Eg:- Accounts payable, expenses payable, etc. | ||||||
| While long term liabilities are incurred for lack of funds. These have a long settlement period, usually more than one year | ||||||
| Eg: Long term loans. | ||||||
| Total liabilities include both current liabilities and long term liabilities. In Balance Sheet, It also includes the internal liability, | ||||||
| i.e, the capital invested in the business. | ||||||
| Classification of liabilities | ||||||
| Current Liabilities | Long Term Liabilities | Total Liabilities | ||||
| Account Title | Amount | Account Title | Amount | Account Title | Amount | |
| Accounts Payable | 17,000 | Mortgage Payable | 30,000 | Accounts Payable | 17,000 | |
| Note Payable | 36,000 | Note Payable | 36,000 | |||
| Unearned Revenue | 2,000 | Unearned Revenue | 2,000 | |||
| Mortgage Payable | 30,000 | |||||
| Owners Capital(less drawings) | 93,000 | |||||
| (104,000 - 11,000) | ||||||
| 55,000 | 30,000 | 178,000 |
| Items not taken | |||||
| Account Title | Amount | Account Type | |||
| Accounts Receivable | 22,800 | Current Asset | |||
| Accumulated Depreciation (Equipment) | 26,000 | Contra Asset | To be reduced from asset account | ||
| Advertising Expense | 21,200 | Expense | |||
| Cash | 35,000 | Current Asset | |||
| Depreciation Expense | 12,000 | Expense | |||
| Insurance Expense | 3,800 | Expense | |||
| Prepaid Insurance(12 month policy) | 7,200 | Current Asset | |||
| Rent Expense | 12,000 | Expense | |||
| Salaries and Wages Expense | 32,000 | Expense | |||
| Service Revenue | 135,000 | Income | |||
| Supplies | 5,000 | Current Asset | |||
| Supplies Expense | 6,000 | Expense | |||
| Equipment | 210,000 | Fixed Asset |
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