Question

The adjusted trial balance for Concord Corporation at the end of the current year, 2018, contained the following accounts.

5-year Bonds Payable 8% $3000000
Interest Payable 51000
Premium on Bonds Payable 100000
Notes Payable (3 months.) 42000
Notes Payable (5 yr.) 167000
Mortgage Payable ($17000 due currently) 201000
Salaries and wages Payable 16000
Income Taxes Payable (due 3/15 of 2019) 23000
The total long-term liabilities reported on the balance sheet are:___________.
a. $3351000.
b. $3468000.
c. $3451000.
d. $3368000.

Answer 1

c. $3451000.

Step-by-step explanation:

The computation of the total long term liabilities reported is shown below:

Year Bonds Payable 8% $3,000,000

Premium on Bonds Payable $100,000

Notes Payable(5 Year) $167,000

Mortgage Payable($201,000-$17,000) $184,000

Total Long-term liabilities $3,451,000

Hence, option c is correct