Thomas Corporation 's adjusted trial balance contained the following liability accounts at December 31, 2019 Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in 90 days) $22,500, Salaries and Wages Payable $4,000, and Income Taxes Payable $7,000 Prepare the curr...

Current liabilities Notes payable ...

Thomas Corporation's adjusted trial balance contained the following liability accounts at December 31, 2019. Bonds Payable (due

Question:

Thomas Corporation's adjusted trial balance contained the following liability accounts at December 31, 2019. Bonds Payable (due in 3 years) $100,000, $72,000, Notes Payable (due in 90 days) $22,500, Salaries and Wages Payable $4,000, and Income Taxes Payable $7,000. Prepare the current liabilities section of the statement of financial position.
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...