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Refer to the following list of liability balances at December 31, 2017. $20,000 1,150 900 1,500 40,000 Accounts Payable Emplo
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Answer #1
Total of Long Term Liabilities as on December 31,2017
Particulars Amount
Long Term Notes Payable 40000
Mortgage Payable 9000
Bonds Payable 60000
Amount of Long term liabilites in balance Sheet 109000

In balance sheet, under the head long term liabilities will be shown as 109000. But even the curent portion of long term liabilities is also a long term libility. But that current portion that is 9500$ is payable in next year. Therefore, it is classified as current liability for disclosure purpose only in balance sheet. Actual Long term liabilities of the company is 109000+9500 = 118500.

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