Grant Co. had the following liabilities at December 31, the end of its fiscal year:

Accounts Payable $56,000
Salaries Payable 12,200
Unearned Fees 8,900
Income Taxes Payable 3,200
Notes Payable 240,000

The note payable is an 8-year note with $30,000 due in the next year. Prepare the liabilities section of the balance sheet for the company.

Question

Grant Co. had the following liabilities at December 31, the end of its fiscal year:
​
Accounts Payable $56,000
Salaries Payable 12,200
Unearned Fees 8,900
Income Taxes Payable 3,200
Notes Payable 240,000
​
The note payable is an 8-year note with $30,000 due in the next year. Prepare the liabilities section of the balance sheet for the company.

Quizplus · Accepted Answer

The Answer of Grant Co. had the following liabilities at December 31, the end of its fiscal year:
​
Accounts Payable $56,000
Salaries Payable 12,200
Unearned Fees 8,900
Income Taxes Payable 3,200
Notes Payable 240,000
​
The note payable is an 8-year note with $30,000 due in the next year. Prepare the liabilities section of the balance sheet for the company.

Grant Co Had the Following Liabilities at December 31, the End