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Presented below are long-term liability items for Suarez Company at December 31, 2014. Prepare the long-term liabilities...

Presented below are long-term liability items for Suarez Company at December 31, 2014.
Prepare the long-term liabilities section of the balance sheet for Suarez Company.

Bonds payable, due 2016
$500,000

Mortgage Liability due in one year $45,000
560,000 total

Notes Payable, due 2019
80,000

Discount on Bonds Payable
42,000

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Answer #1

Long term liabilities

Bonds payable =$ 500,000

Notes payable =$ 80,000

Total =$ 580,000

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