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Prepare the liabilities section of Weaver Corporation’s balance sheet at December 31, 2018

 

Question: Weaver Corporation includes the following selected accounts in its general ledger on December 31, 2018:

Notes Payable (long-term) $ 75,000 Interest Payable (due next year) $ 720

Bonds Payable (long-term) 195,000 Sales Tax Payable 480

Accounts Payable 20,400 Premium on Bonds Payable 5,850

Salaries Payable 1,680 Estimated Warranty Payable 1,080

Prepare the liabilities section of Weaver Corporation’s balance sheet at December 31, 2018

Solutions

Expert Solution

 

Step 1: Definition of accounts payable

Accounts payable is when the company buys goods on credit from the supplier.

Step 2: Liabilities side of balance sheet

Weaver Corporation

Balance Sheet

As on December 31, 2018

Liabilities

Current Liabilities:

 

 

Accounts Payable

$20,400

 

Salaries Payable

$1,680

 

Warranty Payable

$1,080

 

Sales Tax Payable

$480

 

Premium on Bonds Payable

$5,850

 

Total Current Liabilities

 

$29,490

 

 

 

Long-Term Liabilities

 

 

Notes Payable

$75,000

 

Bonds Payable

$195,000

 

Total Long-Term Liabilities

 

$270,000

Total Liabilities

 

$299,490

 

 

The total liabilities on the balance sheet are $299,490

Sahil Dangi answered 2 years ago
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