The adjusted trial balance for Raines Corporation at the end of the 2021 fiscal year contained the following accounts: Other information: The mortgage note is payable in monthly payments of $ 700 principal plus interest.
Instructions
a) Prepare the non-current liabilities section of the balance sheet.
b) Indicate the proper balance sheet classification for the accounts listed above that do not belong in the non-current liabilities section.

Question

The adjusted trial balance for Raines Corporation at the end of the 2021 fiscal year contained the following accounts:  Other information: The mortgage note is payable in monthly payments of $ 700 principal plus interest.
Instructions 
a) Prepare the non-current liabilities section of the balance sheet.
b) Indicate the proper balance sheet classification for the accounts listed above that do not belong in the non-current liabilities section.

Quizplus · Accepted Answer

The Answer of The adjusted trial balance for Raines Corporation at the end of the 2021 fiscal year contained the following accounts:  Other information: The mortgage note is payable in monthly payments of $ 700 principal plus interest.
Instructions 
a) Prepare the non-current liabilities section of the balance sheet.
b) Indicate the proper balance sheet classification for the accounts listed above that do not belong in the non-current liabilities section.

The Adjusted Trial Balance for Raines Corporation at the End