Question
LuxeLuxe, Inc., includes the following selected accounts in its general ledger at December 31, 2016: Bonds payable (excluding current portion) . . . . .
LuxeLuxe, Inc., includes the following selected accounts in its general ledger at December 31, 2016:
Bonds payable (excluding current portion) . . . . . . $250,000
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,000
Current portion of bonds payable . . . . . . . . . . . . . 51,000
Notes payable, long-term . . . . . . . . . . . . . . . . . . . . 325,000
Interest payable (due March 1, 2017) . . . . . . . . . . 1,000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . 38,000
Discount on bonds payable (all long-term) . . . . . . 7,500
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . 28,000
Prepare the liabilities section of LuxeLuxe, Inc.'s, balance sheet at December 31, 2016, to show how the company would report these items. Report total current liabilities and total liabilities. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
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