Problem 1: The accounting records of Path Leader Wireless include the following:
|
Accounts Payable
|
$71,000
|
Salary payable
|
$10,000
|
|
Mortgage note payable, long-term
|
80,000
|
Bonds payable, current installment
|
24,000
|
|
Interest Payable
|
15,000
|
Premium on all bonds payable
|
|
|
Bonds payable, long term
|
160,000
|
(all long-term)
|
12,000
|
|
Rhonda, Capital
|
175,000
|
Unearned service revenue
|
3,000
|
Requirement:
1. Report these liabilities on the Path Leader Wireless balance sheet, including headings and totals for current liabilities and long term liabilities.