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Problem 1: The accounting records of Path Leader Wireless include the following:
Accounts Payable
$71,000
Salary payable
$10,000
Mortgage note payable, long-term
80,000
Bonds payable, current installment
24,000
Interest Payable
15,000
Premium on all bonds payable
Bonds payable, long term
160,000
(all long-term)
12,000
Rhonda, Capital
175,000
Unearned service revenue
3,000
Requirement:
1. Report these liabilities on the Path Leader Wireless balance sheet, including headings and totals for current liabilities and long term liabilities.
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