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22 May, 15:39

Presented here are liability items for Skysong, Inc. at December 31, 2017. Accounts payable $298,300 FICA taxes payable $14,820 Notes payable (due May 1, 2018) 38,000 Interest payable 76,000 Bonds payable (due 2021) 1,710,000 Notes payable (due 2019) 152,000 Unearned rent revenue 456,000 Income taxes payable 6,650 Discount on bonds payable 77,900 Sales taxes payable 3,230

Prepare the liabilities section of Skysong's balance sheet.

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  1. 22 May, 16:38
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    The preparation of the liabilities section of Skysong's balance sheet is shown below:

    Skysong, Inc.

    Partial Balance Sheet

    December 31, 2017

    Liabilities

    Current Liabilities

    Accounts payable $298,300

    FICA taxes payable $14,820

    Notes payable (due May 1, 2018) $38,000

    Interest payable $76,000

    Unearned rent revenue $456,000

    Income taxes payable $6,650

    Sales taxes payable $3,230

    Total Current Liabilities $893,000

    Non - Current Liabilities

    Bonds payable (due 2021) $1,710,000

    Notes payable (due 2019) $152,000

    Discount on bonds payable $77,900

    Total Non - Current Liabilities $1,939,900

    Total liabilities $2832,900
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