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Prepare non-current liabilities section of the balance sheet


Assignment detail

Reference no: EM132573980

Question – The adjusted trial balance for Raines Corporation at the end of the 2021 fiscal year contained the following accounts:
Bonds payable, 5% $460,000
Bond interest payable 20,000
Lease liability 50,000
Mortgage notes payable, 6%, due 2033 80,000
Accounts payable 120,000
Other information: The mortgage note is payable in monthly payments of $700 principal plus interest.
Instructions –
a) Prepare the non-current liabilities section of the balance sheet.
b) Indicate the proper balance sheet classification for the accounts listed above that do not belong in the non-current liabilities section.

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