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Prepare the liabilities section of the statement

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Question - The following is a partial adjusted trial balance for Frobisher Limited, as at December 31, 2020:

Income tax payable $4,100

Bonds payable, due 2032 $85,000

Notes payable, due 2025 $54,000

Wages payable $3,400

Unearned revenue $154,000

Interest payable $15,500

Accounts payable $84,900

Bank loan payable, due 2023 $31000

The bank loan is repayable in annual instalments of $2,100 plus interest to be paid on December 31 each year. The 2020 payment was made as required.

Prepare, in good form, the liabilities section of the statement of financial position for Frobisher Limited as at December 31, 2020.

Reference no: EM132894027

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