The Adjusted Trial Balance for Hamilton Corp

The adjusted trial balance for Hamilton Corp. at the end of the current year, 2014, contained the following accounts. 5-year Bonds Payable 8% $1,200,000
Bond Interest Payable 50,000
Premium on Bonds Payable 100,000
Notes Payable (3 mo.) 40,000
Notes Payable (5 yr.) 165,000
Mortgage Payable ($15,000 due currently) 200,000
Salaries and Wages Payable 18,000
Taxes Payable (due 3/15 of next yr) 25,000
The total long-term liabilities reported on the balance sheet are

A) $1,565,000
B) $1,550,000
C) $1,665,000
D) $1,650,000

Correct Answer:

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