On December 31, Hughes Company has the following list of account balances.Additional Resources Accounts Payable$42,600 Equipment$30,500 Accounts Receivable49,100 Service Revenue41,800 Accumulated Depreciation, Equipment19,600 Legal Expense7,800 Accumulated Depreciation, Buildings62,100 Note Payable, due in two years.20,000 Advertising Expense5,000 Prepaid Rent20,500 Beginning Retained Earnings97,000 Rent Expense8,500 Buildings119,000 Salaries Expense3,400 Capital Stock53,900 Salaries Payable10,700 Cash65,600 Supplies24,500 Dividends12,200 Supplies Expense1,600Required:Compute the dollar amount of the total Non-current (Long-term) liabilities as it would appear on the December 31 balance sheet.

Non-Current liabilities refer to the obligations that are to be settled after 12 months from the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Additional Resources

Accounts Payable	$42,600	Equipment	$30,500
Accounts Receivable	49,100	Service Revenue	41,800
Accumulated Depreciation, Equipment	19,600	Legal Expense	7,800
Accumulated Depreciation, Buildings	62,100	Note Payable, due in two years.	20,000
Advertising Expense	5,000	Prepaid Rent	20,500
Beginning Retained Earnings	97,000	Rent Expense	8,500
Buildings	119,000	Salaries Expense	3,400
Capital Stock	53,900	Salaries Payable	10,700
Cash	65,600	Supplies	24,500
Dividends	12,200	Supplies Expense	1,600

Required:

Compute the dollar amount of the total Non-current (Long-term) liabilities as it would appear on the December 31 balance sheet.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions