**Deluxe Suites Hotels Liabilities Overview**As of December 31, 2024, Deluxe Suites Hotels presents the following selected accounts in its general ledger:### Balance Sheet (Partial)**Date: December 31, 2024**- **Note Payable (long-term)**: $150,000- **Bonds Payable (due 2028)**: $250,000- **Interest Payable (due next year)**: $1,200- **Estimated Warranty Payable**: $2,000- **Accounts Payable**: $40,000- **Discount on Bonds Payable**: $7,500- **Salaries Payable**: $3,300- **Sales Tax Payable**: $700### Total LiabilitiesThe liabilities are organized into categories such as long-term liabilities (Note Payable, Bonds Payable) and current liabilities (Interest Payable, Estimated Warranty Payable, Accounts Payable, Salaries Payable, Sales Tax Payable). The Discount on Bonds Payable is recorded as a reduction of the bonds payable liability. This structured information is vital for understanding the financial obligations that Deluxe Suites Hotels needs to address, both short-term and long-term. The total liabilities will provide stakeholders with insight into the company's financial commitments as of the specified date.

Liabilities - Liabilities are the amount borrowed or owed by the company. It is shown in the…

Deluxe Suites Hotels includes the following selected accounts in its general ledger at December 31, 2024: (Click the icon to view the accounts.) Prepare the liabilities section of Deluxe Suites' balance sheet at December 31, 2024. Less: Total Liabilities Deluxe Suites Hotels Balance Sheet (Partial) December 31, 2024 Data table Note Payable (long-term) Bonds Payable (due 2028) Interest Payable (due next year) Estimated Warranty Payable $ 150,000 250,000 1,200 2,000 Print Accounts Payable Discount on Bonds Payable Salaries Payable Sales Tax Payable Done $ 40,000 7,500 3,300 700 X

Deluxe Suites Hotels includes the following selected accounts in its general ledger at December 31, 2024: (Click the icon to view the accounts.) Prepare the liabilities section of Deluxe Suites' balance sheet at December 31, 2024. Less: Total Liabilities Deluxe Suites Hotels Balance Sheet (Partial) December 31, 2024 Data table Note Payable (long-term) Bonds Payable (due 2028) Interest Payable (due next year) Estimated Warranty Payable $ 150,000 250,000 1,200 2,000 Print Accounts Payable Discount on Bonds Payable Salaries Payable Sales Tax Payable Done $ 40,000 7,500 3,300 700 X

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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NEED HELP WITH II. III. IV.
Assume bonds payable are amortized using the straight-line amortization method unless stated otherwise. Preparing the liabilities section of the balance sheet Luxury Suites Hotels includes the following selected accounts in its general ledger at December 31, 2018: Prepare the liabilities section of Luxury Suites’s balance sheet at December 31, 2018.
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