ACC- Dolton Corporation

$16.00

Description

The adjusted trial balance for Dolton Corporation at the end of the current year contained the following accounts:

Bonds payable, 10% $400,000
Bond interest payable 20,000
Discount on bonds payable 30,000
Notes payable, 9%, due 2010 70,000
Accounts payable 120,000

Instructions
(a) Prepare the long-term liabilities section of the balance sheet.
(b) Indicate the proper balance sheet classification for the accounts listed above that do not belong in the long-term liabilities section.

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