craig corporation s accounting records reveal the following acco 258038

Craig Corporation’s accounting records reveal the following account balances after adjusting entries are made on December 31, 2008:

Accounts payable ………………………………………………………..$ 73,000

Bonds payable (9.4%, due in 2013) ……………………………………… 900,000

Capital lease liability* …………………………………………………… 30,000

Bonds payable (8.3%, due in 2012) ……………………………………… 60,000

Deferred tax liability* …………………………………………………… 127,600

Discount on bonds payable (9.4%, due in 2013) ………………………… 11,900

Income taxes payable ……………………………………………………. 28,100

Interest payable ………………………………………………………….. 33,400

Installment note payable (9%, equal installments due 2009 to 2015) …… 110,000

Notes payable (7.8%, due in 2017) ………………………………………. 350,000

Premium on notes payable (7.8%, due in 2017) …………………………. 5,000

Zero coupon note payable, $50,000 face amount, due in 2019 ………….. 29,800

* Long-term liability

Required:

Prepare the current liabilities and long-term-debt portions of Craig’s balance sheet at December 31, 2008. Provide a separate line item for each issue (i.e., do not combine separate bonds or notes payable), but some items may need to be split into more than one item.

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