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Entity As post-closing trial balance on December 31, 2021 shows the following account balances: Accounts Dr. Cr. Cash 20,000 Accounts receivable 122,000 Allowance for bad
Entity As post-closing trial balance on December 31, 2021 shows the following account balances:
Accounts
Dr.
Cr.
Cash
20,000
Accounts receivable
122,000
Allowance for bad debts
30,000
Notes receivable (Trade)
8,000
Inventory
200,000
Prepaid supplies
15,000
Prepaid rent
25,000
Prepaid insurance
10,000
Land
1,000,000
Building
2,000,000
Accumulated depreciation - Bldg.
1,600,000
Equipment
800,000
Accumulated depreciation Equipment
250,000
Accounts payable
100,000
Notes payable - short term loan
200,000
Notes payable - long term loan
(50,000 due within 1 yr.)
1,450,000
Interest payable
65,000
Salaries payable
105,000
Utilities payable
8,000
Unearned income
35,000
Owners capital
357,000
Totals
4,200,000
4,200,000
How much is the total noncurrent liabilities?
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