Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 5

The following are selected items from the accounting records of Georgia Peach for the year ended December 31, 2015:

Other Information
1.he note payable to Smithfield Bank is due in 60 days.rrangements have been previously approved to renew this note for an additional 24 months.
2.he mortgage requires payments of $10,000 per month.n amortization table shows that its balance will be paid down to $733,000 by December 31, 2016.
3.ccrued interest on the mortgage note payable is paid monthly.he next payment is due near the end of the first week in January 2016.
4.eorgia Peach has been sued for $2,000,000 in a product liability case.t is not possible at this time, however, to make a reasonable estimate of the possible loss, if any, that the company may have sustained.
Instructions
a.sing the information provided, prepare the current and long-term liability sections of Georgia Peach's balance sheet dated December 31, 2015.Within each classification, items may be listed in any order.)
b.xplain briefly how the information in each of the four numbered paragraphs above influenced your presentation of the company's liabilities.