Preparethelongtermliabilitiessectionofthebalance

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Unformatted text preview: 0 3 ,2 0 9 Chapter 5-30 LO 2 Identify the major classifications of the balance sheet. Balance Sheet – “Exercise” Balance Sheet – “Exercise” Long-Term Liabilities (BE5-9): Included in Adams Company’s December 31, 2010, trial balance are the following accounts: Accounts Payable $220,000; Pension Liability $375,000; Discount on Bonds Payable $29,000; Advances from Customers $41,000; Bonds Payable $400,000; Wages Payable $27,000; Interest Payable $12,000; Income Taxes Payable $29,000. Prepare the long­term liabilities section of the balance sheet. Long-term liabilities Pension liability Bonds payable Discount on bonds payable Total Chapter 5-31 $375,000 400,000 (29,000) 746,000 LO 2 Identify the major classifications of the balance sheet. Balance Sheet Balance Sheet Owners’ Equity Three parts, (1) Capital Stock, (2) Additional Paid­In Capital, and (3) Retained Earnings. Illustration 5-15 Chapter 5-32 LO 2 Identify the major classifications of the balance sheet. Balance Sheet Classification Exercise Balance Sheet Classif...
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