Question

The adjusted trial balance for Waterway Industries at the end of the current year, 2021, contained the following accounts. 5-year Bonds Payable 9% $3000000 Interest Payable 48000 Premium on Bonds Payable 98000 Notes Payable (3 months.) 38000 Notes Payable (5 yr.) 166000 Mortgage Payable ($13000 due currently) 200000 Salaries and wages Payable 16000 Income Taxes Payable (due 3/15 of 2022) 23000 The total long-term liabilities reported on the balance sheet are $_______.

Answer 1

Answer:

The total long-term liabilities reported on the balance sheet are $3,451,000.

Explanation:

Details                                                        Amount ($)

Bonds Payable 9%                                     3,000,000

Premium on Bonds Payable                           98,000

Notes Payable (5 yr.)                                     166,000

Mortgage Payable (200,000 - 13,000)         187,000

The total long-term liabilities                   3,451,000