Fasoli,Inc -Read the Information About Fasoli,Inc

question 46

Essay

Fasoli,Inc.
The following balance sheet items from Fasoli,Inc.are listed for December 31,2017:
$\begin{array}{lr}\text { Accounts payable } & \$ 32,650 \\\text { Interest payable } & 2,200 \\\text { Accounts receivable } & 26,500 \\\text { Land } & 250,000\\\text { Accumulated depreciation-buildings } & 40,000 \\\text { Marketable securities } & 15,000 \\\text { Merchandise inventory } & 112,900 \\\text { Accumulated depreciation-equipment } & 12,500 \\\text { Notes payable, due April 15, 2018 } & 6,500 \\\text { Office supplies } & 200\\\text { Notes payable, due December } 31,2021 & 251,630 \\\text { Paid-in capital in excess of par value } & 75,000 \\\text { Buil dings } & 150,000 \\\text { Patents } & 45,000 \\\text { Capital stock, } \$ 1 \text { par value } & 200,000\\\text { Prepaid rent } & 3,800 \\\text { Cash } & 60,990 \\\text { Retained earnings } & 113,510 \\\text { Equipment } & 84,500 \\\text { Salaries payable } & 7,400 \\\text { Income taxes payable } & 7,500\end{array}$
-Read the information about Fasoli,Inc.
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Required
Prepare the Liabilities section of the classified balance sheet,including total liabilities balance.

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Definitions:

Debt Ratio

A financial ratio that measures the proportion of a company's total debt to its total assets, indicating the company's leverage level.

Total Assets

The combined value of a company's immediate and long-term assets.

Total Liabilities

Total liabilities represent the aggregate of all debts and financial obligations owed by an entity at a given point in time.

Processing Transactions

Processing transactions involves recording, analyzing, and managing the financial events and transactions of a company, ensuring accuracy in the financial statements.