Chapter 5_Part 2 Example 1 Current liabilities Thomas Corp adjusted trials balance contained the following liabilities accounts at 12/31/2020: Bonds payable (due in 3 years)$100,000, accounts payable $72000, notes payable (due in 90 days) $22500, salaries and wages payable $4000, and income tax payable $7000. Prepare the current liabilities section of the balance sheet. Example 2 (CPA exam) Long-term liabilities include a. obligations not expected to be liquidated within the operating cycle. b.obligations payable at some date beyond the operating cycle. c.deferred income taxes and most lease obligations. d.all of these answer choices are correct. Example 3: Included in Adams Company's December 31, 2020, trial balance are the following accounts: Accounts Payable $220,000; Pension Liability $375,000; Discount on Bonds Payable $29,000; Unearned Revenue $41,000; Bonds Payable $400,000; Salaries and Wages Payable $27,000; Interest Payable $12,000; Income Taxes Payable $29,000. Prepare the long-term liabilities section of the balance sheet. Example 4 Treasury stock should be reported as a(n) a.current asset. b.investment. c.other asset. d.reduction of stockholders' equity. Example 5 Stockholder's equity Hawthorn Corp. adjusted trials balance contained the following accounts at 12/31/2020: Retained earnings $120,000, Common Stock $750,000, Bonds payable $100,000. Paid-in-capital in excess of par-common stock $200,000. Goodwill $55,000. Accumulated other comprehensive loss $150,000, and treasury stock $63,000. Prepare the stockholder's equity section of the balance sheet. Example 6 Houghton Company has the following items: common stock, $1,600,000; treasury stock, $210,000; deferred income taxes, $250,000 and retained earnings, $780,000. What total amount should Houghton Company report as stockholders' equity? a.$1,390,000. b.$2,170,000. c.$2,420,000. d.$2,590,000