At December 31 Deming Drapes owes 50 000 on accounts payable
At December 31, Deming Drapes owes $50,000 on accounts payable, plus salary payable of $14,000 and income tax payable of $8,000. Deming Drapes also has $300,000 of bonds payable that require payment of a $30,000 installment next year and the remainder in later years. The bonds payable also require an interest payment of $7,000 at the end of each year. Report Deming Drapes’ liabilities on its year-end classified balance sheet.
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