In: Accounting
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.
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