Brief Exercise 10-17

Presented here are liability items for Metlock, Inc. at December 31, 2020.

Brief Exercise 10-17 Your answer is partially correct. Try again. Presented here are liability items for Metlock, Inc. at December 31, 2020. Accounts payable Notes payable (due May 1, 2020) Bonds payable (due 2023) Unearned rent revenue Discount on bonds payable $274,750 35,000 1,575,000 420,000 71,750 FICA taxes payable Interest payable Notes payable (due 2021) Income taxes payable Sales taxes payable $13,650 70,000 140,000 6,125 2,975 December 31, 2019 Current Liabilities Accounts Payable 274750 Notes Payable 35000 Unearned Rent Revenue I 420000 Income Tax Payable I 6125 Sales Taxes Payable T 2975 T Interest Payable 1 70000 FICA Taxes Payable 13650 T Total Current Liabilities 822500 $1 Long-term Liabilities Bonds Payable T 1575000 Discount on Bonds Payable T 71750 2469250 Notes Payable 140000 T Total Long-term Liabilities 2329250 Total Liabilities 2329250