Wildflower Magazine, Inc., includes the following selected accounts in its general ledger at December 31, 2016: Prepare

Question:

Wildflower Magazine, Inc., includes the following selected accounts in its general ledger at December 31, 2016:

$42,500 14,000 Mortgage Notes Payable (due in 15 years). Lease Payable, Long-Term... Bonds Payable (due in 10 years).. I

Prepare the liabilities section of Wildflower Magazine’s balance sheet at December 31, 2016, 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...