Ling Corporation has the following liabilities at December 31, 2014: accounts payable $20,000; long term debt $100,000

Question:

Ling has the following liabilities at December 31, 2014: $20,000; long term debt $100,000 (due in two years, current portion $20,000); and bonds payable $200,000 (due in five years). Prepare the liabilities section of the statement of financial position if Ling presents liabilities
(a) In order of liquidity, and
(b) Segregated into current and non-current.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...