Heel Inc. reported the following items in its December 31, 2020 trial balance: How much should Heel report as total liabilities in its December 31, 2020 statements of Financial Position? Accounts Payable 1,096,000 Advances to employees 45,000 Unearned Rent Revenue 288,500 Estimated liability under warranties 85,000 Trademark 148,000 Cash surrender value of officer’s life insurance 75,000 Trading Securities 95,000 Land( held for capital appreciation ) 1,200,000 Notes Payable 400,000
Heel Inc. reported the following items in its December 31, 2020
Accounts Payable 1,096,000
Advances to employees 45,000
Unearned Rent Revenue 288,500
Estimated liability under warranties 85,000
Trademark 148,000
Cash surrender value of officer’s life insurance 75,000
Trading Securities 95,000
Land( held for capital appreciation ) 1,200,000
Notes Payable 400,000
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