Answer:
Explanation:
The preparation of the liabilities section of Skysong's balance sheet is shown below:
Skysong, Inc.
Partial Balance Sheet
December 31, 2017
Liabilities
Current Liabilities
Accounts payable $298,300
FICA taxes payable $14,820
Notes payable (due May 1, 2018) $38,000
Interest payable $76,000
Unearned rent revenue $456,000
Income taxes payable $6,650
Sales taxes payable $3,230
Total Current Liabilities $893,000
Non - Current Liabilities
Bonds payable (due 2021) $1,710,000
Notes payable (due 2019) $152,000
Discount on bonds payable $77,900
Total Non -Current Liabilities $1,939,900
Total liabilities $2832,900
