Answer:
See explanation section
Explanation:
Water Enterprise Fund
Balance Sheet (Partial)
As at 31 December, 2018
Liabilities
Current Liabilities
Bonds Payable - Due to be paid on February 15, 2019 $40,000
Bonds Payable - Due to be paid on August 15, 2019 $50,000
Total current liabilities $90,000
Long-term liabilities
Bonds payable $910,000
Total liabilities $1,000,000
Balance sheet has another name - Statement of net position.
Therefore, the company has $90,000 current liabilities because those will be paid within the next year while the remaining balance will not be paid within the next year (Assuming 2020).
