The Montgomery 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

Quizplus · Accepted Answer

Accounts payable, salaries payable, and notes payable are all types of liabilities, or amounts owed by the company to others.

The Montgomery Company Balance Sheet Shows the Following Items: Accounts