The adjusted trial balance for Sheridan Farm Corporation at the end of the current year contained the following accounts. Interest Payable Lease Liability Bonds Payable, due 2027 Premium on Bonds Payable $8,000 85,600 175,600 28,000 Prepare the long-term liabilities section of the balance sheet. (Enter account name only and do not provide descriptive information.) Sheridan Farm Corporation Balance Sheet (Partial) $ $ $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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**Sheridan Farm Corporation Financial Statement Overview**

**Adjusted Trial Balance Accounts:**

- **Interest Payable:** $8,000
- **Lease Liability:** $85,600
- **Bonds Payable, due 2027:** $175,600
- **Premium on Bonds Payable:** $28,000

**Instructions:**
- Prepare the long-term liabilities section of the balance sheet.
- Enter the account name only; do not provide descriptive information.

**Sheridan Farm Corporation Balance Sheet (Partial):**

**Long-Term Liabilities:**

1. [Dropdown for selecting account] $[Text box for entering dollar amount]
2. [Dropdown for selecting account] $[Text box for entering dollar amount]
3. [Dropdown for selecting account] $[Text box for entering dollar amount]
4. [Dropdown for selecting account] $[Text box for entering dollar amount]
  
Provide the appropriate figures for the specified accounts to complete the financial record.
Transcribed Image Text:**Sheridan Farm Corporation Financial Statement Overview** **Adjusted Trial Balance Accounts:** - **Interest Payable:** $8,000 - **Lease Liability:** $85,600 - **Bonds Payable, due 2027:** $175,600 - **Premium on Bonds Payable:** $28,000 **Instructions:** - Prepare the long-term liabilities section of the balance sheet. - Enter the account name only; do not provide descriptive information. **Sheridan Farm Corporation Balance Sheet (Partial):** **Long-Term Liabilities:** 1. [Dropdown for selecting account] $[Text box for entering dollar amount] 2. [Dropdown for selecting account] $[Text box for entering dollar amount] 3. [Dropdown for selecting account] $[Text box for entering dollar amount] 4. [Dropdown for selecting account] $[Text box for entering dollar amount] Provide the appropriate figures for the specified accounts to complete the financial record.
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