The following amounts are shown on Plymouth Companys adjusted trial balance for the year 2012: Accounts Payable

Question:

The following amounts are shown on Plymouth Company’s adjusted trial balance for the year 2012:
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 36,000
Property Taxes Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,300
Short-Term Notes Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,000
Mortgage Payable (due within 1 year) . . . . . . . . . . . . . . . . . . . . . . . 28,000
Mortgage Payable (due after 1 year). . . . . . . . . . . . . . . . . . . . . . . . . 300,000
Accrued Interest on Mortgage Payable . . . . . . . . . . . . . . . . . . . . . . . 3,000
Lease Liability (current portion). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,000
Lease Liability (long term) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414,000
Rent Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000
Income Taxes Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Federal and State Unemployment Taxes Payable . . . . . . . . . . . . . . . . 16,000
Required:
Prepare the liabilities section of Plymouth Company’s at December 31, 2012.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...