Talon Inc. includes the following selected accounts in its general ledger at December 31, 2014: Notes Payable,

Question:

Talon Inc. includes the following selected accounts in its general ledger at December 31, 2014:
Notes Payable, Long-term ....................................................... $50,000
Accounts Payable .................................................................... $16,000
Bonds Payable.......................................................................... 100,000
Discount on Bonds Payable ........................................................ 3,000
Interest Payable (due next year)..........................................500
Mortgage Payable (payments are $1,000 per month) .............. 100,000
Prepare the liabilities section of Talon Inc.'s at December 31, 2014, to show how the company would report these items. Report a total for current liabilities.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...