Question

Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2022, balance sheet and notes to the financial statements.

Accounts payable		$4,263.9		Mortgage payable		$6,746.7
Unearned rent revenue		1,058.1		Notes payable (due in 2025)		335.6
Bonds payable		1,961.2		Salaries and wages payable		858.1
Current portion of mortgage payable		1,992.2		Notes payable (due in 2023)		2,563.6
Income taxes payable		265.2		Warranty liability—current		1,417.3

Prepare the liabilities section of Sanchez’s balance sheet as at December 31, 2022.

Answer 1

Balance Sheet
At December 31, 2022
Liabilities		Amount
Current Liabilities:
Accounts payable	4,263.9
Notes payable (due in 2025)	2,563.6
Current portion of mortgage payable	1,992.2
Warranty liability- current	1,417.3
Unearned rent revenue	1,058.1
Salaries and wages payable	858.1
Income tax payable	265.2
Total Current liabilities		12,418.4
Long term Liabilities:
Mortgage payable	6,746.7
Bonds payable	1,961.2
Notes payable (due in 2025)	335.6
Total Long term Liabilities		9,043.5
Total Liabilities		$ 21,461.9

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