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Deluxe suites hotels incluedes the following selected accounts in its genarel ledger at December 31.2016:
Notes Payable $200,000 Accounts Payable $33,000
Bonds Payable 450,000 Discounts on Bonds Payable 13,500
Interest Payable
(due next year) 1,000 Salaries Payable 2,600
Estimated Warranty
Payable 1,300 Sales Tax Payable 400
Required:
Prepare the liabilities section of Luxury Suites' balance sheet at December 31.2016.

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Answer:

Liabilities section of Luxury Suites' balance sheet at December 31.2016.

Liabilities

Non - Current Liabilities

Notes Payable                                      $200,000

Total Non-Current Liabilities               $200,000

Current Liabilities

Accounts Payable                                  $33,000

Discounts on Bonds Payable                 $13,500

Interest Payable  (due next year)              $1,000

Salaries Payable                                       $2,600

Estimated Warranty  Payable                    $1,300

Sales Tax Payable                                       $400

Total Current Liabilities                          $51,800

Explanation:

Liabilities are presented in the financial statements as either Current liabilities (due within a period of 12 months and Non-Current Liabilities (that are not due within a period of 12 months) as shown above.

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