John Hawk Corporations adjusted trial balance contained the following liability accounts at December 31, 2008: Bonds Payable

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John Hawk Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2008: Bonds Payable (due in 3 years) $100,000; Accounts Payable $72,000; Notes Payable (due in 90 days) $12,500; Accrued Salaries $4,000; Income Taxes Payable $7,000. Prepare the current liabilities section of the balance sheet.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Intermediate Accounting principles and analysis

ISBN: 978-0471737933

2nd Edition

Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso

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