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

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