Talon Inc. includes the following selected accounts in its general ledger at December 31, 2017: Notes Payable,

Question:

Talon Inc. includes the following selected accounts in its general ledger at December 31, 2017:
Notes Payable, Long-term ............................ $ 60,000
Bonds Payable............................................... 100,000
Interest Payable (due next year) ................... 500
Accounts Payable ........................................ $ 26,000
Discount on Bonds Payable ........................ 3,000
Mortgage Payable ........................................ 100,000
Prepare the liabilities section of Talon Inc.'s at December 31, 2017, 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...