At December 31, MediDoc Precision Instruments owes $59,000 on Accounts Payable, Salaries Payable of $10,000, and Income Tax Payable of $9,000. MediDoc also has $280,000 of Bonds Payable that were issued at face value that require payment of a $20,000 installment next year and the remainder in later years. The bonds payable require an annual interest payment of $7,000, and MediDoc still owes this interest for the current year. Report MediDoc's liabilities on its classified balance sheet on December 31,
At December 31, MediDoc Precision Instruments owes $59,000 on Accounts Payable, Salaries Payable of $10,000, and Income Tax Payable of $9,000. MediDoc also has $280,000 of Bonds Payable that were issued at face value that require payment of a $20,000 installment next year and the remainder in later years. The bonds payable require an annual interest payment of $7,000, and MediDoc still owes this interest for the current year. Report MediDoc's liabilities on its classified balance sheet on December 31,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
At December 31,
MediDoc
Precision Instruments owes
$59,000
on Accounts Payable, Salaries Payable of
$10,000,
and Income Tax Payable of
$9,000.
MediDoc
also has
$280,000
of Bonds Payable that were issued at face value that require payment of a
$20,000
installment next year and the remainder in later years. The bonds payable require an annual interest payment of
$7,000,
and
MediDoc
still owes this interest for the current year. Report
MediDoc's
liabilities on its classified
2024.
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