The liabilities of Weist Co. are listed. Accounts Payable, $586,000 Accrued Expenses, $178,000 Bonds

Question:

The liabilities of Weist Co. are listed.
• Accounts Payable, $586,000
• Accrued Expenses, $178,000
• Bonds Payable (due in six years), $800,000
• Income Taxes Payable, $132,000
• Notes Payable: $78,000 is due within 12 months; $80,000 is due $10,000 per year for the next eight years.
• Salaries Payable, $195,000
• Accrued Vacation Pay, $208,000
• Employee Federal Income Tax Withholdings, $42,000
Required:
Prepare the liabilities section of the for Weist Co.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...