Answer:
The amount of long-term liabilities to be reported on the Balance Sheet at the end of the current year is $70.000
Explanation:
Concepts / definitions:
Long-term liabilities or noncurrent liabilities are knowns as obligations that companies have to pay in more than 1 year (12 months) or for some companies, after the company’s operating cycle (it is the time that the company takes to convert their inventory into cash).
Examples: Long term leases and bonds (that are generally are designed to be paid in more than one year).
Classification
Notes Payable (current) $ 10,000
Accounts Payable $ 5,000
Salaries Payable $ 2,000
Sales Tax Payable $ 2,000
Current liabilities $ 19,000
Bonds Payable $ 50,000
Notes Payable (long-term) $ 20,000
Long-term liabilities $ 70,000
