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Luba_88 [7]
4 years ago
13

Presented here are long-term liability items for Skysong, Inc. on December 31, 2017.

Business
1 answer:
seropon [69]4 years ago
7 0

Answer:

Skysong, Inc.

Balance Sheet (Partial)

As on December 31, 2017.

Liabilities

Long Term Liabilities

Bonds payable (due 2021)   $920,000

Notes payable (due 2019)    $84,000

Discount on bonds payable (<u>$23,000)</u>

Total Long Term Liabilities   <u>$981,000</u>

Explanation:

Long term liabilities are all those liabilities that will be paid after one year's time. As Bond Payable is due in 2021 and needs to be paid after 4 years it is classified as long term liabilities. Note Payable is also due in 2019 and needs to be paid after 2 years it is also classified as long term liabilities.

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