Answer:
Total Liabilities = $2,888,450
Explanation:
<em>Teal Mountain Inc.</em>
Balance Sheet
As of December 31, 2020
<em><u>Current Liabilities
</u></em>
Accounts Payable $ 321,850
FICA taxes payable $15,990
Notes Payable $41,000
Interest Payable $82,000
Unearned Rent Revenue $492,000
Income Taxes Payable $7,175
Sales Taxes Payable <u>$3,485
</u>
<em>Total Current Liabilities $963,500</em>
<em>Long Term Liabilities:</em><em>
</em>
Bonds Payable $1,845,000
Less: Discount on Bonds Payable <u>($84,050)</u> $1,760,950
Notes Payable <u>$164,000</u>
<em>Total Liabilities </em> <u>$2,888,450</u>