At December 31, Trumpette Drapes owes ($59,000) on accounts payable, plus salary payable of ($15,000) and income
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At December 31, Trumpette Drapes owes \($59,000\) on accounts payable, plus salary payable of \($15,000\) and income tax payable of \($13,000.\) Trumpette Drapes also has \($270,000\) of bonds payable that require payment of a \($25,000\) installment next year and the remainder in later years. The bonds payable also require an interest payment of \($5,500\) at the end of each year. Report Trumpette Drapes’ liabilities on its year-end classified balance sheet.
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