Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Accounts payable, $7,200; Salaries payable,

Question:

Dorothy had the following accounts in its year-end adjusted trial balance: Accounts payable, $7,200; Salaries payable, $5,800; Income taxes payable, $4,000; Short-term notes payable, $2,500; Dividends payable, $750; and Investment in held-to-maturity bonds, $2,750. Prepare the current liabilities section of Dorothy Corporation’s balance sheet.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...