Ajam Inc. shows the following selected adjusted account balances at March 31, 2019: $ 58,000 Accounts Payable Wages Payable Accumulated Depreciation – Machinery Income Taxes Payable Note Payable, due May 15, 2021 Note Payable, due November 30, 2019 Mortgage Payable 102,000 69,000 92,000 108,000 64,000 320,000 Accounts Receivable 71,000 Note: $240,000 of the mortgage payable balance is due one year beyond the balance sheet date;
Ajam Inc. shows the following selected adjusted account balances at March 31, 2019: $ 58,000 Accounts Payable Wages Payable Accumulated Depreciation – Machinery Income Taxes Payable Note Payable, due May 15, 2021 Note Payable, due November 30, 2019 Mortgage Payable 102,000 69,000 92,000 108,000 64,000 320,000 Accounts Receivable 71,000 Note: $240,000 of the mortgage payable balance is due one year beyond the balance sheet date;
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Ajam Inc. shows the following selected adjusted account balances at March 31, 2019:
$ 58,000
102,000
Accounts Payable
Wages Payable
Accumulated Depreciation – Machinery
Income Taxes Payable
Note Payable, due May 15, 2021
Note Payable, due November 30, 2019
Mortgage Payable
69,000
92,000
108,000
64,000
320,000
71,000
Accounts Receivable
Note: $240,000 of the mortgage payable balance is due one year beyond the balance sheet date;
the remainder will be paid within the next 12 months.
Required: Prepare the liability section of Ajam's March 31, 2019 balance sheet.
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