Mill Co.’s trial balance included the following account balances at December 31, 2010: Accounts Payable                                    $15,000 Bonds Payable, due 2011                         25,000 Discount on Bonds Payable, due 2011         3,000 Dividends Payable, 1/31/11                          8,000 Notes Payable, due 2012                          20,000 What amount should be included in the current liabilities section of Mill’s December 31, 2010, balance sheet? Show computations. Solution Amount should be included in the current liablities section of Mill\'s Dec 31,2010,balance sheet will be:- Accounts payable 15000 Bonds payable,due 2011 25000 Discount on bonds payable,due 2011 3000 Dividend payable ,1/31/11 8000 Amount of current liablities $51000 .

1. Mill Co.’s trial balance included the following account balances at December 31, 2010:
Accounts Payable $15,000
Bonds Payable, due 2011 25,000
Discount on Bonds Payable, due 2011 3,000
Dividends Payable, 1/31/11 8,000
Notes Payable, due 2012 20,000
What amount should be included in the current liabilities section of Mill’s December 31, 2010,
balance sheet? Show computations.
Solution
Amount should be included in the current liablities section of Mill's Dec 31,2010,balance sheet
will be:-
Accounts payable 15000
Bonds payable,due 2011 25000
Discount on bonds payable,due 2011 3000
Dividend payable ,1/31/11 8000
Amount of current liablities $51000