Question
FastTrackFastTrack Magazine, Inc., includes the following selected accounts in its general ledger at December 31, 20182018 : LOADING... (Click on the icon to view the
FastTrackFastTrack
Magazine, Inc., includes the following selected accounts in its general ledger at December 31,
20182018 :
LOADING...
(Click on the icon to view the accounts.)
Requirement
1. Prepare the liabilities section of
FastTrackFastTrack
Magazine's balance sheet at
magazine, Inc., includes the following selected accounts in its general ledger at December 31,
20182018 :
December31,2018 ,to show how the company would report these items. Report a total for current liabilities. (Report any accounts that do not have a corresponding contra account before any accounts with a corresponding contra account.)
Mortgage notes payable (due in 15 years). . . | $125,000 | Accounts payable. . . . . . . . . . . . . | $35,000 |
Lease payable, long-term. . . . . . . . . . . . . . . . . | 28,000 | Discount on bonds payable. . . . . . | 6,000 |
Bonds payable (due in 10 years). . . . . . . . . . . | 325,000 |
| |
Interest payable (due next year). . . . . . . . . . . . | 1,800 |
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