Royall, Inc., includes the following selected accounts in its general ledger at December 31, 2014: Bonds payable

Question:

Royall, Inc., includes the following selected accounts in its general ledger at December 31, 2014:
Bonds payable (excluding current portion).......................................$350,000
Equipment......................................................................................... 117,000
Current portion of bonds payable..................................................... 56,000
Notes payable, long-term.................................................................. 125,000
Interest payable (due March 1, 2015)............................................... 1,600
Accounts payable.............................................................................. 28,500
Discount on bonds payable (all long-term)....................................... 11,250
Accounts receivable......................................................................... 31,000
Prepare the liabilities section of Royall, Inc.’s at December 31, 2014, to show how the company would report these items. Report total current liabilities and total liabilities.

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...