The Adjusted Trial Balance for Raines Corporation at the End

Essay

The adjusted trial balance for Raines Corporation at the end of the 2014 fiscal year contained the following accounts:
Bonds payable, 5% $460,000
Bond interest payable 20,000
Mortgage notes payable, 6%, due 2030 80,000
Accounts payable 120,000
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.