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26 March, 02:27

Presented here are liability items for Teal Mountain Inc. at December 31, 2020. Accounts payable $321,850 FICA taxes payable $15,990 Notes payable (due May 1, 2020) 41,000 Interest payable 82,000 Bonds payable (due 2023) 1,845,000 Notes payable (due 2021) 164,000 Unearned rent revenue 492,000 Income taxes payable 7,175 Discount on bonds payable 84,050 Sales taxes payable 3,485 Prepare the liabilities section of Teal Mountain's balance sheet.

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  1. 26 March, 02:46
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    Total Liabilities = $2,888,450

    Explanation:

    Teal Mountain Inc.

    Balance Sheet

    As of December 31, 2020

    Current Liabilities

    Accounts Payable $ 321,850

    FICA taxes payable $15,990

    Notes Payable $41,000

    Interest Payable $82,000

    Unearned Rent Revenue $492,000

    Income Taxes Payable $7,175

    Sales Taxes Payable $3,485

    Total Current Liabilities $963,500

    Long Term Liabilities:

    Bonds Payable $1,845,000

    Less: Discount on Bonds Payable ($84,050) $1,760,950

    Notes Payable $164,000

    Total Liabilities $2,888,450
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