Question: Presented here are liability items for Metlock Inc. at December 31, 2022. Accounts payable Notes payable (due May 1, 2023) Bonds payable (due 2026) Unearned



Presented here are liability items for Metlock Inc. at December 31, 2022. Accounts payable Notes payable (due May 1, 2023) Bonds payable (due 2026) Unearned rent revenue Discount on bonds payable $243,350 31,000 1,395,000 372,000 63,550 FICA taxes payable Interest payable Notes payable (due 2024) Income taxes payable Sales taxes payable $12,090 62,000 124,000 5,425 2,635 Prepare the liabilities section of Metlock's balance sheet. METLOCK INC. Balance sheet (Partial) December 31, 2022 Current Liabilities Accounts Payable $ 24 Notes Payable 3 Unearned Rent Revenue 37: FICA Taxes Payable 1: Interest Payable Income Taxes Payable Sales Taxes Payable Total Current Liabilities Long-term Liabilities 1395000 Bonds Payable Less : Discount on Bonds Payable 63550 i 133 Notes Payable (63 Total Long-term Liabilities Total Liabilities METLOCK INC. Balance sheet (Partial) December 31, 2022 $ 243350 31000 372000 12090 62000 5425 2635 $ 728500 1395000 63550 1331450 (63550) 1362450 2090950
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
