At December 31, 2017, Pharoah Corporation has the following account balances: Bonds payable, due January 1, 2026 $2,300,000 Discount on bonds payable 95,000 Interest payable 88,000Show how the above accounts should be presented on the December 31, 2017, balance sheet, including the proper classifications.

Question

Walter Whitney

Business

11 October, 07:33

At December 31, 2017, Pharoah Corporation has the following account balances: Bonds payable, due January 1, 2026 $2,300,000 Discount on bonds payable 95,000 Interest payable 88,000Show how the above accounts should be presented on the December 31, 2017, balance sheet, including the proper classifications.

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Answers (1)

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Damian Hutchinson · Answer 1

Answer and Explanation:

Partial balance sheet of Vaughn Corporation is as follows:

Particular Amount

Current liabilities

Interest payable $88,000

Long-term Liabilities

Bonds Payable $2,300,000

Less: Discount on bonds payable ($95,000)

$2,293,000