Fasoli,Inc.
The following balance sheet items from Fasoli,Inc.are listed for December 31,2017:

\begin{array}{lr}\text { Accounts payable } & \$ 32,650 \\\text { Interest payable } & 2,200 \\\text { Accounts receivable } & 26,500 \\\text { Land } & 250,000\\\text { Accumulated depreciation-buildings } & 40,000 \\\text { Marketable securities } & 15,000 \\\text { Merchandise inventory } & 112,900 \\\text { Accumulated depreciation-equipment } & 12,500 \\\text { Notes payable, due April 15, 2018 } & 6,500 \\\text { Office supplies } & 200\\\text { Notes payable, due December } 31,2021 & 251,630 \\\text { Paid-in capital in excess of par value } & 75,000 \\\text { Buil dings } & 150,000 \\\text { Patents } & 45,000 \\\text { Capital stock, } \$ 1 \text { par value } & 200,000\\\text { Prepaid rent } & 3,800 \\\text { Cash } & 60,990 \\\text { Retained earnings } & 113,510 \\\text { Equipment } & 84,500 \\\text { Salaries payable } & 7,400 \\\text { Income taxes payable } & 7,500\end{array}

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Required
Prepare the Liabilities section of the classified balance sheet,including total liabilities balance.

Which Statement Is True Concerning an Income Statement

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