Master Suites Hotels includes the following selected accounts in its general ledger at December 31, 2016: Notes

Question:

Master Suites Hotels includes the following selected accounts in its general ledger at December 31, 2016:
Notes Payable (long-term).......$ 250,000
Bonds Payable (due 2022)....... 450,000
Interest Payable (due next year)..... 1,700
Estimated Warranty Payable....... 1,500
Accounts Payable.......... $ 41,000
Discount on Bonds Payable....... 13,500
Salaries Payable.......... 3,100
Sales Tax Payable........... 700
Prepare the liabilities section of Master Suites’s at December 31, 2016. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...