Reference no: EM131922574

Question - The adjusted trial balance for Dolton Corporation at the end of the current year contained the following accounts:

Bonds payable, 10% $400,000

Bond interest payable 20,000

Discount on bonds payable 30,000

Notes payable, 9%, due 2010 70,000

Accounts payable 120,000

Instructions -

(a) Prepare the long-term liabilities section of the balance sheet.

(b) Indicate the proper balance sheet classification for the accounts listed above that do not belong in the long-term liabilities section.