Thomas Corporations adjusted trial balance contained the following liability accounts at December 31, 2012 Bonds Payable (due in 3 years) $100,000 Accounts Payable $72,000 Notes Payable (due in 90 days) $22,500 Salaries and Wages Payable $4,000 Income Taxes Payable $7,000 Prepare the current liabil...

Current liabilities Notes payab ...

Thomas Corporations adjusted trial balance contained the following liability accounts at December 31, 2012: Bonds Payable (due

Question:

Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2012: Bonds Payable (due in 3 years) $100,000; $72,000; Notes Payable (due in 90 days) $22,500; Salaries and Wages Payable $4,000; Income Taxes Payable $7,000. Prepare the current liabilities section of the balance sheet.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...