Question

Like Home, Inc., includes the following selected accounts in its general ledger at December 31, 2018: (Click the icon to view the accounts.) Prepare the liabilities section of Like Home, Inc.'s, balance sheet at December 31, 2018, to show how the company would report these items. Report total current liabilities and total liabilities. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Liabilities Choose from any list or enter any number in the input fields and then continue to the next question.

Answer 1

The liabilities which are to br repaid within 1 year from the Balance Sheet date shall be reported as Current Liabilities The liabilities which are to br repaid after 1 year from the Balance Sheet date shall be reported as Long Tem Liabilities

Liabilities Current Liabilities Accounts Payable Interest Payable Current Portion Of Bonds Payable Total Current Liabilities $ 33,000 $ 1,900 $ 49,000 $ 83,900 $ 125,000 Long Term Liabilities Notes Payable, Long-Term Bonds Payable $ 375,000 Less: Discount On Bonds Payable | $ 11,250 Total Long Term Liabilities $ 363,750 $ 488,750

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