Sunland Electric sold $5,615,000, 10%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 96.1.At December 31, 2020, $7,900 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2020. (Enter account name only and do not provide descriptive information.)Sunland ElectricBalance Sheet (Partial)choose the accounting period For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity enter a balance sheet item $enter a dollar amount select between addition and deduction Add Less : enter a balance sheet item enter a dollar amount $enter a subtotal of the two previous amounts

Balance sheet is a statement showing the financial position of a company on a particular date. It is…

Answered: Sunland Electric sold $5,615,000, 10%,…

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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Sunland Electric sold $5,615,000, 10%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 96.

1.At December 31, 2020, $7,900 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2020. (Enter account name only and do not provide descriptive information.)

Sunland Electric Balance Sheet (Partial) choose the accounting period For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020
select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
enter a balance sheet item	$enter a dollar amount
select between addition and deduction Add Less : enter a balance sheet item	enter a dollar amount	$enter a subtotal of the two previous amounts

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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