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E15.22 (LO 7) AP The adjusted trial balance for Ray Corporation at July 31, 2021,...

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Accounting

E15.22 (LO 7) AP The adjusted trial balance for Ray Corporation at July 31, 2021, the corporation's fiscal year end, contained the following: Prepare non-current liabilities section of balance sheet. Accounts payable $ 96,000 Notes payable $140,000 Accounts receivable 112,000 Lease liability 65,000 Bonds payable, due 2025 205,000 Note receivable, due December 2021 35,000 Interest payable 5,000 Unearned revenue 10,000 Of the lease liability amount, $16,250 is due within the next year. Total payments on the note payable in the fiscal year 2022 will be $27,000: $7,000 is for interest and $20,000 for principal repayments. Instructions a. Prepare the non-current liabilities section of the balance sheet as at July 31, 2021. b. Some of the accounts above belong in the balance sheet but not in its non-current liabilities section. What is the correct classification for them?

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