Question

In: Accounting

The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2014, contained...

The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2014, contained the following accounts.
5-year Bonds Payable 8% $2,500,000

Interest Payable 50,000

Premium on Bonds Payable 100,000

Notes Payable (3 months.) 40,000

Notes Payable (5 yr.) 165,000

Mortgage Payable ($15,000 due currently) 200,000

Salaries and wages Payable 18,000

Income Taxes Payable (due 3/15 of 2015) 25,000

The total long-term liabilities reported on the balance sheet are

A) $2,865,000. B) $2,850,000. C) $2,965,000. D) $2,950,000.

Solutions

Expert Solution

5-year Bonds Payable 8% 2500000
Premium on Bonds Payable 100000
Notes Payable (5 yr.) 165000
Mortgage Payable 185000 =200000-15000
Total long-term liabilities 2950000
Option D $2,950,000 is correct

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2014, year-end:...
This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2014, year-end: Debit Credit   Accounts payable $ 43,400   Accounts receivable $ 18,100   Accumulated depreciation, automobiles 68,400   Accumulated depreciation, equipment 19,900   Advertising expense 8,400   Automobiles 134,000   Cash 10,400   Depreciation expense, automobiles 12,600   Depreciation expense, equipment 3,500   Equipment 62,000   Fees earned 227,475   Interest earned 200   Interest expense 2,900   Interest payable 50   Interest receivable 400   John Conroe, capital 22,400   John Conroe, withdrawals 18,400   Land 32,000   Long-term notes payable 109,000...
Catena's Marketing COmpany has the following adjusted trial balance at the end of the current year....
Catena's Marketing COmpany has the following adjusted trial balance at the end of the current year. Cash dividends of $580 were declared at the end of the year, and 640 additional shares of common stock ($0.10 par value per share were issuues at the end of the year for $2560 in cash (for a total at the end of the year of 850 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year...
Romney's Marketing Company has the following adjusted trial balance at the end of the current year....
Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 500 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below: Debit Credit Cash $1,500 Accounts Recievable 2,200 Interest Recievable 100 Prepaid Insurance 1,600 Notes Recievable (long term) 2,800 Equipment 15,290 Accumulated Depreciation $3,000 Accounts Payable 2,400 Accrued Expenses Payable 3,920 Income Taxes Payable 2,700 Unearned Rent Revenue 500 Common Stock...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $650 were declared at the end of the year, and 680 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,720 in cash (for a total at the end of the year of 810 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $620 were declared at the end of the year, and 580 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,320 in cash (for a total at the end of the year of 850 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year...
Romney's Marketing Company has the following adjusted trial balance at the end of the current year....
Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 500 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below: Debit Credit Cash $ 1,500 Accounts receivable 2,200 Interest receivable 100 Prepaid insurance 1,600 Notes receivable (long-term) 2,800 Equipment 15,290 Accumulated depreciation $ 3,000 Accounts payable 2,400 Accrued expenses payable 3,920 Income taxes payable 2,700 Unearned rent revenue 500 Common...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $650 were declared at the end of the year, and 690 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,760 in cash (for a total at the end of the year of 810 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year...
At the end of its fiscal year, the adjusted trial balance of Crane Company is as...
At the end of its fiscal year, the adjusted trial balance of Crane Company is as follows: CRANE COMPANY Adjusted Trial Balance July 31, 2017 Debit Credit Cash $2,850 Accounts receivable 11,420 Prepaid rent 500 Supplies 750 Debt investments 8,000 Equipment 19,950 Accumulated depreciation—equipment $5,700 Patents 18,300 Accounts payable 4,265 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2019) 45,300 B. Crane, capital 28,285 B. Crane drawings 16,900 Service revenue 74,100 Interest revenue 320 Depreciation expense...
The year-end adjusted trial balance of the Corporation included the following account balances:
  The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings $325,000 Service revenue 741,000 Salaries expense 396,000 Rent expense 27,000 Interest expense 5,000 Dividends 200,000 Prepare the closing entries. 34. $________   In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $________   In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? 36. $_________ After closing the accounts, what is the...
At the end of its fiscal year, the adjusted trial balance of Carla Vista Company is...
At the end of its fiscal year, the adjusted trial balance of Carla Vista Company is as follows: CARLA VISTA COMPANY Adjusted Trial Balance July 31, 2017 Debit Credit Cash $4,560 Accounts receivable 11,420 Prepaid rent 500 Supplies750 Debt investments8,000 Equipment19,950 Accumulated depreciation—equipment $5,700 Patents 18,300 Accounts payable 4,275 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2019) 45,900 B. Carla Vista, capital 28,285 B. Carla Vista, drawings 16,800 Service revenue74,900 Interest revenue320 Depreciation expense2,850 Interest...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT