Homework SourseAt December 31 2017 Bonita Corporation has the following acc
At December 31, 2017, Bonita Corporation has the following account balances:
Show how the above accounts should be presented on the December 31, 2017, balance sheet, including the proper classifications. (Enter account name only and do not provide descriptive information.)
| Bonds payable, due January 1, 2026 | $2,000,000 | |
| Discount on bonds payable | 77,000 | |
| Interest payable | 69,000 |
Solution
Solution:
| Bonita Corporation | ||
| Balance Sheet (Partial) - As on December 31, 2017 | ||
| Particulars | Amount | |
| Current Liabilities: | ||
| Interest Payable | $69,000.00 | |
| Long term liabilities: | ||
| Bond Payable - Gross | $2,000,000.00 | |
| Less: Discount on bond payable | $77,000.00 | |
| Bond Payable - Net | $1,923,000.00 |
