The Barkley Company balance sheet shows the following items: Accounts payable totaling $50,000;salaries payable totaling $65,000,and notes payable totaling $100,000.These are liabilities,or money that the firm owes others.

Question

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Liabilities are amounts owed to others, and the listed items (accounts payable, salaries payable, and notes payable) are all examples of liabilities.

The Barkley Company Balance Sheet Shows the Following Items: Accounts