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Prepare non-current liabilities section of the balance sheet

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Question - The adjusted trial balance for Cullumber Corporation at July 31, 2021, the corporation's fiscal year end, contained the following:

Accounts payable

$97,000

Note payable

$141,500

Accounts receivable

113,000

Lease liability

65,500

Bonds payable, due 2025

207,000

Note receivable, due December 2021

35,500

Interest payable

5,000

Unearned revenue

10,000

Of the lease liability amount, $16,500 is due within the next year. Total payments on the note payable in the fiscal year 2022 will be $27,000: $7,000 is for interest and $20,000 for principal repayments.

Required - Prepare the non-current liabilities section of the balance sheet as at July 31, 2021.

Reference no: EM133107750

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