Question

The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2018, contained the following accounts.5-year Bonds Payable 8% $3,000,000Interest Payable 50,000Premium on Bonds Payable 100,000Notes Payable (3 months.) 40,000Notes Payable (5 yr.) 165,000Mortgage Payable ($15,000 due currently) 200,000Salaries and Wages Payable 18,000Income Taxes Payable (due 3/15 of 2019) 25,000The total long-term liabilities reported on the balance sheet area. $3,365,000.b. $3,350,000.c. $3,465,000.d. $3,450,000.

Answer 1

Answer:

b. $3,350,000

Explanation:

Long-Term Liabilities:

Bonds Payable   $3,000,000  

Notes Payable      $165,000

Mortgage Payable       $185,000

Total Long Term Liabilities  $3,350,000