Assume bonds payable are amortized using the straight-line amortization method unless stated otherwise. Preparing the liabilities section of the balance sheet
Luxury Suites Hotels includes the following selected accounts in its general ledger at December 31, 2018:
Prepare the liabilities section of Luxury Suites’s balance sheet at December 31, 2018.
Note Payable (long-term) $200,000
Accounts Payable $33,000
Bonds Payable (due 2022) 450,000
Discount on Bonds Payable 13,500
Interest Payable (due next year) 1,000
Salaries Payable 2,600
Estimated Warranty Payable 1,300
Sales Tax Payable 400

Luxury Suites Hotels

Balance Sheet as of December 31, 2018:

Liabilities:

Current Liabilities:

Sales Tax Payable                            400

Interest Payable (due next year)   1,000

Estimated Warranty Payable         1,300

Salaries Payable                            2,600

Discount on Bonds Payable        13,500

Accounts Payable                     $33,000

Total current liabilities                                   $51,800

Long-term Liabilities:

Note Payable (long-term)      $200,000

Bonds Payable (due 2022)     450,000

Total long-term liabilities                          $650,000

Total liabilities                                            $701,800

Explanation:

The Hotel's liabilities are the financial obligations that Luxury Suites Hostels owes the debt providers for funding its assets.  They are divided into two: current and non-current or long-term liabilities.  The obligations that are expected to be settled within the next one year are classified as current.  The other obligations which are not expected to be settled within one year are called noncurrent or long-term liabilities.  Liabilities are forms of leverage or gearing that a company employs to help her in generating profits for equity stockholders.

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