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bulgar [2K]
3 years ago
6

Jones Company has the following liabilities at the end of the current year:

Business
1 answer:
makkiz [27]3 years ago
5 0

Answer:

The amount of long-term liabilities to be reported on the Balance Sheet at the end of the current year is $70.000

Explanation:

<u>Concepts / definitions: </u>

Long-term liabilities or noncurrent liabilities are knowns as obligations that companies have to pay in more than 1 year (12 months) or for some companies, after the company’s operating cycle (it is the time that the company takes to convert their inventory into cash).  

Examples: Long term leases and bonds (that are generally are designed to be paid in more than one year).

<u />

<u>Classification</u>

Notes Payable (current) $ 10,000

Accounts Payable    $ 5,000

Salaries Payable            $ 2,000

<u>Sales Tax Payable    $ 2,000</u>

<u>Current liabilities          $ 19,000</u>

Bonds Payable                  $ 50,000

<u>Notes Payable (long-term)  $ 20,000</u>

<u>Long-term liabilities         $ 70,000</u>

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