Question: At December 31 MediAssist Precision Instruments owes 51 000 on Accounts
At December 31, MediAssist Precision Instruments owes $51,000 on Accounts Total Liabilities $358,000 Payable, Salaries Payable of $12,000, and Income Tax Payable of $10,000. MediAssist also has $280,000 of Bonds Payable that were issued at face value that require payment of a $50,000 installment next year and the remainder in later years. The bonds payable require an annual interest payment of $5,000, and MediAssist still owes this interest for the current year. Report MediAssist’s liabilities on its classified balance sheet.
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