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The adjusted trial balance for Hamilton Corp. at the end of the current year, 2017, contained the following accounts. 5-year Bonds Payable 8% $1600000 Bond Interest Payable 50000 Premium on Bonds Payable 100000 Notes Payable (3 mo.) 40000 Notes Payable (5 yr.) 165000 Mortgage Payable ($15000 due currently) 200000 Salaries and Wages Payable 18000 Taxes Payable (due 3/15 of next yr) 25000 The total long-term liabilities reported on the balance sheet are?



Answer :

KunalYadav273

According to the provided statement, the balance sheet's total long-term liabilities are $2,050,000.

What is due in exchange?

Any time a company owes money for goods or services that have been rendered but have not been repaid for by the company, a payable is established. This might be through a credit from a vendor, a subscription, or an installments payment that is required after receiving goods or services.

Briefing:

Total long term liabilities = (5 year bonds payable + Premium on bonds payable) + Notes payable (5 years) + Mortgage payable

= (1,600,000+100,000) + 165,000 + (200,000-15,000)

= $ 2,050,000

As a result, the balance module's total long-term obligations are $2,050,000.

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