Deluxe Suites Hotels includes the following selected accounts in its general ledger at December 31, 2018Prepare the liabilities section of Deluxe Suites' balance sheet at December 31, 2018 . Current Liabilities:$41,000Accounts Payable3,200Salaries Payable1,300Interest Payable900Sales Tax Payable2,000Estimated Warranty Payable48,400Total Current LiabilitiesLong-term Liabilities:Notes Payable, long-term175,000Discount on Bonds Payable375,000Less: Discount on Bonds Payable(11,250)Total Long-term LiabilitiesTotal Liabilities%24%24 Data TableNote Payable (long-term)175,000Accounts Payable41,000Bonds Payable (due 2022)375,000Discount on Bonds Payable11,250Interest Payable (due next year)1,300Salaries Payable3,200Estimated Warranty Payable2,000Sales Tax Payable900PrintDone%24%24

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Description: Deluxe Suites Hotels includes the following selected accounts in its general ledger at December 31, 2018Prepare the liabilities section of Deluxe Suites' balance sheet at December 31, 2018 . Current Liabilities:$41,000Accounts Payable3,200Salaries Pa

Liabilities are those amounts or dues which are to be paid by the business either in short term or…

Answered: Prepare the liabilities section of…

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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Deluxe Suites Hotels includes the following selected accounts in its general ledger at December 31, 2018

Prepare the liabilities section of Deluxe Suites' balance sheet at December 31, 2018 .

Current Liabilities:
$41,000
Accounts Payable
3,200
Salaries Payable
1,300
Interest Payable
900
Sales Tax Payable
2,000
Estimated Warranty Payable
48,400
Total Current Liabilities
Long-term Liabilities:
Notes Payable, long-term
175,000
Discount on Bonds Payable
375,000
Less: Discount on Bonds Payable
(11,250)
Total Long-term Liabilities
Total Liabilities
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%24

Data Table
Note Payable (long-term)
175,000
Accounts Payable
41,000
Bonds Payable (due 2022)
375,000
Discount on Bonds Payable
11,250
Interest Payable (due next year)
1,300
Salaries Payable
3,200
Estimated Warranty Payable
2,000
Sales Tax Payable
900
Print
Done
%24
%24

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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