Balance sheet disclosure of long-term liabilities (Learning Objective 6)

15–20 min.

The accounting records of Brown Industrial, Inc., include the following items at December 31, 2014:

$15,000 25,000 8,000 9,000 Salaries Payable.......................

Mortgage Notes Payable, Current Portion ...................

Discount on Bonds Payable .....

Income Tax Payable .................

$ 51,000 105,000 11,000 200,000 Accounts Payable...................

Mortgage Note Payable, Long-Term ........................

Interest Payable .....................

Bonds Payable (Due 2017) ....

Requirement 1. Report these liabilities on Brown Industrial’s balance sheet at December 31, 2014, including headings.

AppendixLO1