The adjusted trial balance for Ivanhoe Corporation at July 31, 2021, the corporation's fiscal year end, contained
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Question:
The adjusted trial balance for Ivanhoe Corporation at July 31, 2021, the corporation's fiscal year end, contained the following:
Accounts payable | $ 86,500 | Note payable | $126,000 | |||
---|---|---|---|---|---|---|
Accounts receivable | 101,000 | Lease liability | 58,500 | |||
Bonds payable, due 2025 | 184,500 | Note receivable, due December 2021 | 31,500 | |||
Interest payable | 4,500 | Unearned revenue | 9,000 |
Of the lease liability amount, $14,750 is due within the next year. Total payments on the note payable in the fiscal year 2022 will be $24,500: $6,500 is for interest and $18,000 for principal repayments.
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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