Question

Skysong, Inc. reports the following liabilities (in thousands) on its December 31, 2020, balance sheet and notes to the financial statements. Accounts payable $4,392.0 Mortgage payable $6,845.0 Unearned rent revenue 1,650.0 Notes payable (due in 2023) 351.0 Bonds payable 2,003.0 Salaries and wages payable 651.0 Current portion of mortgage payable 2,228.0 Notes payable (due in 2021) 2,584.0 Prepare the liabilities section of Skysong’s balance sheet as at December 31, 2020.

Answer 1

Skysong, Inc.

Liabilities section

Current liabilities:

• Accounts payable $4,392
• Salaries and wages payable $651
• Unearned rent revenue $1,650
• Mortgage payable $2,228
• Notes payable $2,584
• Total current liabilities $11,505

Long term liabilities:

• Mortgage payable $4,617
• Notes payable (due in 2023) $351
• Bonds payable $2,003
• Total long term liabilities $6,971

Total liabilities: $18,476