Question
In: Accounting
At December 31, 2018, Hickshaw Corp had the following accountbalances? What is the total amount...
At December 31, 2018, Hickshaw Corp had the following account balances? What is the total amount of long-term liabilities that will appear on Hickshaw's December 31, 2018, balance sheet?
| Accounts Payable | $ 32,700 |
| Bonds Payable | $ 125,000 |
| Discount on Notes Payable | $ 1,000 |
| Dividends Payable | $ 3,550 |
| Mortgage Payable (payable equally over next 3 years) | $ 72,000 |
| Notes Payable - 6 months | $ 5,000 |
| Premium on Bonds Payable | $ 25,000 |
| Salaries Payable | $ 15,280 |
Place your final response first; then show your work and label your numbers.
Solutions
Expert Solution
| Bonds payable | 125,000 | |
| Premium on bonds payable | 25,000 | |
| Carrying value of bonds | 150,000 | |
| Mortgage payable | 48,000 | |
| Total | $198,000 |
Total long term liabilities = $198,000
Mortgage payment of $72,000 is payable equally over next 3 years.
Hence, current portion of mortgage payable (payable next year) = 72,000/3
= $24,000
Long term portion of mortgage payable = 72,000-24,000
= $48,000
ekkarill92 answered 2 years agoRelated Solutions
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