Question: Presented here are liability items for Sheely Inc. at December 31, 2010. Prepare the liabilities section of Sheelys balancesheet. Accounts payable Bank note payable $155,000

Presented here are liability items for Sheely Inc. at December 31, 2010. Prepare the liabilities section of Sheely€™s balancesheet.

Accounts payable Bank note payable $155,000 Employee bencfits payable 7,800 (due May 1, 2011) Bonds payable, due 2014 Current portion of 20,000 900,000 240,000 Interest payable Notes payable, due 2012 40,000 80,000 long-term debt Discount on bonds pable 45,000 Sales taxes payablo Property tax payable 3,500 1,400

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