Homework Answers
Answer-
| SAGE HILL INC. | ||
| BALANCE SHEET (PARTIAL) | ||
| DECEMBER 31,2022 | ||
| LIABILITIES | AMOUNT | AMOUNT |
| $ | $ | |
| Current Liabilities | 493500 | |
| Accounts payable | 164850 | |
| Notes payable (due May 1,2023) | 21000 | |
| Unearned rent revenue | 252000 | |
| FICA taxes payable | 8190 | |
| Interest payable | 42000 | |
| Income taxes payable | 3675 | |
| Sales taxes payable | 1785 | |
| Long-term liabilities | ||
| Bonds payable (due 2026) | 945000 | |
| Less- Discount on bonds payable | 43050 | 901950 |
| Notes payable (due 2024) | 84000 | |
| Total | 1479450 | |
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