Fridley Manufacturings accounting records reveal the following account balances after adjusting entries are made on December 31,

Question:

Fridley Manufacturing’s accounting records reveal the following account balances after adjusting entries are made on December 31, 2012:

Accounts payable ......................$ 62,500

Bonds payable (9.4%, due in 2019) ............... 800,000

Capital lease liability* ..................... 41,500

Bonds payable (8.7%, due in 2015) ............... 50,000

Deferred tax liability* ..................... 133,400

Discount on bonds payable (9.4%, due in 2019) .......... 12,600

Income taxes payable .................... 26,900

Interest payable ...................... 38,700

Installment note payable (8% equal installments due

2013 to 2016) ....................... 120,000

Notes payable (7.8%, due in 2017) ............... 400,000

Premium on notes payable (7.8%, due in 2017) .......... 6,100

Zero coupon note payable, $50,000 face amount, due in 2018 .... 31,900

* Long-term liability

Required:

Prepare the current liabilities and long-term debt portions of Fridley’s balance sheet at December 31, 2012. Provide a separate line item for each issue (i.e., do not combine separate bonds or notes payable), but some items may need to be split into more than one item.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Coupon
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