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The Adjusted Trial Balance for Raines Corporation at the End

Question 34

Essay

The adjusted trial balance for Raines Corporation at the end of the 2021 fiscal year contained the following accounts: 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. 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.

Correct Answer:

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a) Non-current liabilities
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b) Bond in...

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