Question: At December 31 Trumpette Drapes owes 59 000 on accounts payable
At December 31, Trumpette Drapes owes $59,000 on accounts payable, plus salary payable of $15,000 and income tax payable of $13,000. Trumpette Drapes also has $270,000 of bonds payable that require payment of a $25,000 instalment next year and the remainder in later years. The bonds payable also require an interest payment of $5,500 at the end of each year. Report Trumpette Drapes’ liabilities on its year-end classified balance sheet.
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