Heel Inc. reported the following items in its December 31 2020 trialbalance: How much should Heel report as total liabilities in its December 31,2020 statement of financial position? *Accounts PayableAdvances to employees1,096,000.0045,000.00Unearned Rent Revenue288,500.00Estimated liability under warrantiesTrademark85,000.00148,000.00Cash surrender value of officers' life insurance75,000.00Trading SecuritiesLand (held for capital Appreciation)Notes Payable95,000.001,200,000.00400,000.00

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Business

Accounting

balance: How m 2020 statement Accounts Payal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Heel Inc. reported the following items in its December 31 2020 trial
balance: How much should Heel report as total liabilities in its December 31,
2020 statement of financial position? *
Accounts Payable
Advances to employees
1,096,000.00
45,000.00
Unearned Rent Revenue
288,500.00
Estimated liability under warranties
Trademark
85,000.00
148,000.00
Cash surrender value of officers' life insurance
75,000.00
Trading Securities
Land (held for capital Appreciation)
Notes Payable
95,000.00
1,200,000.00
400,000.00

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