Selected accounts from Russel Co.s adjusted trial balance for the year ended December 31 follow. Prepare the
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Selected accounts from Russel Co.’s adjusted trial balance for the year ended December 31 follow. Prepare the liabilities section of its classified balance sheet.
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FICA-Social Security taxes payable.... $1,600 Sales tax payable (due in 1 week) . 2$ 150 ..... State unemployment taxes payable 800 Salaries payable ..... 17,000 Current portion of long-term debt 2,000 Notes payable (due in 4 years). 6,000 Employee federal income taxes payable ... FICA-Medicare taxes payable.. Accounts payable .... 5,000 300 Federal unemployment taxes payable 100 2,600
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Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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