at December 31 2014 Luxury Inc includes the following select

at December 31, 2014: Luxury Inc., includes the following selected accounts in its geneg ? (Click the icon to view the accounts.) Prepare the liabilities section of Luxury Inc.\'s balance sheet at December 31, 2014, to show how the company would report these items. Report total current liabilities and total liabilities. (Leave unused cells blank.) Liabilities Data Table Bonds payable (excluding current portion) Equipment Current portion of bonds payable Notes payable, long-term nterest payable (due March 1, 2013) Accounts payable Discount on bonds payable (all long-term) Accounts receivable $ 400,000 113,000 55,000 125,000 1,700 36,000 12,000 30,000 Less Print Done

Solution

Liabilities Current liabilities: Accounts payable 36000 Bonds payable (current portion) 55000 Interest payable 1700 Total current liabilities 92700 Long-term liabilities: Notes payable 125000 Bonds payable 400000 Less: Discount on bonds payable 12000 388000 Total liabilities 605700