Preparing the liabilities section of the balance sheet [10-15 min]
Blue Socks’ account balances at June 30, 2014, include the following:
Data Table | |||||
Cash | $ 138,000 | Salary payable | $ 6,500 | ||
Long-term notes payable | 117,000 | Building, net of depreciation | 780,000 | ||
Accounts payable | 13,200 | Interest payable (due next year) | 2,400 | ||
Current portion of long-term notes payable | 8,000 | FICA taxes payable | 1,900 | ||
Common stock | 400,000 | Accounts receivable | 145,000 | ||
Premium on bonds payable | 12,000 | Bonds payable (Maturity date 12/31/2020) | 400,000 | ||
Sales taxes payable | 4,000 | Retained earnings | 98,000 | ||
Requirement
1. Prepare the liabilities section of Blue Socks’ balance sheet at June 30, 2014.
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