Question

At December 31, 2012, Couture Drapes owes $51,000 on accounts payable, plus salaries payable of $15,000 and income tax payable of $13,000. Couture Drapes also has $250,000 of notes payable that requires payment of a $35,000 installment in 2013 and the remainder in later years. The notes payable also requires an interest payment of $7,000 on January 1, 2013. Report Couture Drapes’ liabilities on its December 31, 2012 classified balance sheet.



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  • CreatedApril 29, 2014
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