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Answer:
Balance sheet extract:
Non-current liabilities
Notes payable ($1,000,000-$200,000) $800,000
Current liabilities
Notes payable $230,000
Explanation:
In the classified balance sheet of Barton Chocolates for the year ended December 31 2018.the repayment due (principal and interest elements) is to be shown under the current liabilities since the repayment is due in June next year,six months from now, while the initial principal less the principal repayment is shown under non-current liabilities as below:
Principal repayment $200,000
Interest accrued($1,000,000*6%*6/12) $30,000
repayment due in six months $230,000
Total liabilities for the given question is $1,030,000
Computation of balance sheet(Liability side)
Particular Amount
Current liabilities
Interest payable [(1,000,000)(6)(6/12)] $30,000
Long term loan $200,000
Total current liabilities $230,000
Non current liabilities
Non current portion [$1,000,000 - $200,000] $800,000
Total liabilities $1,030,000
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