Presented below are long-term liability items for Molini Company at December 31, 2010. Prepare the long-term liabilities

Question:

Presented below are long-term liability items for Molini Company at December 31, 2010. Prepare the long-term liabilities section of the balance sheet for Molini Company.

Bonds payable, due 2012 ... $500,000

Lease liability ....... 70,000

Notes payable, due 2015 ... 80,000

Discount on bonds payable .. 45,000

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...