Answer:
Total Liabilities = $2,888,450
Explanation:
Teal Mountain Inc.
Balance Sheet
As of December 31, 2020
Current Liabilities
Accounts Payable $ 321,850
FICA taxes payable $15,990
Notes Payable $41,000
Interest Payable $82,000
Unearned Rent Revenue $492,000
Income Taxes Payable $7,175
Sales Taxes Payable $3,485
Total Current Liabilities $963,500
Long Term Liabilities:
Bonds Payable $1,845,000
Less: Discount on Bonds Payable ($84,050) $1,760,950
Notes Payable $164,000
Total Liabilities $2,888,450
