90.2K
Verified Solution
Link Copied!
Ice Huts Inc. includes the following selected accounts in its general ledger at December 31,
2020:
LOADING...
(Click the icon to view the accounting records.)
Required
Prepare the liabilities section of
Booth
Ice Huts Inc.'s balance sheet at December 31,
2020,
to show how the company would report these items.
Complete the liabilities' section of the balance sheet. (Use parentheses or a minus sign when entering contra account balances.)
| Booth Ice Huts Inc. |
| Partial Balance Sheet |
| December 31, 2020 |
| | Liabilities | | | |
| | Current liabilities: | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | Total current liabilities | | | |
| | | | | |
| | Long-term liabilities: | | | |
| | | | | |
| | | | | |
| | | | | |
| | Less: | | | | |
| | Total long-term liabilities | | | |
| | Total liabilities | | | |
Choose from any list or enter any number in the input fields and then click Check Answer.
Accounts
| | Bonds Payable | $1,020,000 | Current Obligation under Capital Lease | $12,000 |
| | Equipment under Capital Lease | 350,000 | Accounts Payable | 57,000 |
| | Interest Payable (due March 1, 2021) | 31,000 | Capital Lease Liability (long-term) | 136,000 |
| | Current Portion of Bonds Payable | 162,000 | Discount on Bonds Payable | |
| | Notes Payable, Long-term | 200,000 | (all long-term) | 18,000 |
Answer & Explanation
Solved by verified expert
