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

15–20 min.

The accounting records of Romero, Corp., include the following items at December 31, 2014:

$ 7,350 16,500 12,000 18,840 Salaries Payable.......................

Mortgage Note Payable, Current Portion ...................

Discount on Bonds Payable .....

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

$ 23,450 126,000 9,800 235,000 Accounts Payable...................

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

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

Bonds Payable (Due 2017) ....

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

AppendixLO1