Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Presented below are selected accounts for San Marcos Corporation for December 31 of the current year. Debit Credit Accounts Receivabletrade $740 Building and Equipment 1,040
Presented below are selected accounts for San Marcos Corporation for December 31 of the current year.
Debit | Credit | |
Accounts Receivabletrade | $740 | |
Building and Equipment | 1,040 | |
Cash in Bankoperating | 69 | |
Interest Receivable | 55 | |
Installment Receivables | 80 | |
Merchandise Inventory | 45 | |
Land | 320 | |
Notes Receivablelong term | 545 | |
Petty Cash | 28 | |
Prepaid Expensescurrent | 52 | |
Supplies | 39 | |
Patent | 80 | |
Accounts PayableTrade | 645 | |
Accumulated Depreciation | 245 | |
Additional Paid-in Capital | 620 | |
Allowance for Uncollectible Accounts | 75 | |
Cash Dividends Payable | 80 | |
Common Stock$1 par value | 65 | |
Income Tax Payable | 105 | |
Notes Payable2 years | 920 | |
Retained Earnings | 85 | |
Unearned Revenues2 years | 105 | |
Cash Dividends Declared Service Revenue | 260 | 608 |
Operating Expenses | 200 | |
TOTALS | $3,553 | $3,553 |
What are long-term liabilities for San Marcos Corporation?
Group of answer choices
$920
$1,000
$1,025 D)$0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started