Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

+Trial Balance AccountAmount Cash $62,050 Accounts receivable 149,240 Inventory 195,430 Prepaid insurance 24,560 Equipment 492,380 Accumulated depreciation 83,650 Accounts payable 62,760 Notes payable 108,000 Common

+Trial Balance

AccountAmount

Cash $62,050

Accounts receivable

149,240

Inventory 195,430

Prepaid insurance 24,560

Equipment 492,380

Accumulated depreciation 83,650

Accounts payable 62,760

Notes payable 108,000

Common stock 200,000

Dividends 52,000

Retained earnings 280,280

Sales 3,376,770

Rent revenue (Nonoperating) 19,280

Cost of goods sold 2,389,630

Interest expense (Nonoperating) 15,270

Selling/general/administrative expense 548,490

Research and development expense 164,150

Depreciation expense 37,540

Accounts payable $62,762

Notes payable (current portion) ?

Total Current liabilites ?

Long-term liabilities

Note payable (long-term portion) ?

Total liabilities $170,760

Please help me find the current and long-term portions of the notes payble.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions