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. Dronare the liahilitios cection of the balance choot for the compan

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
Balance Sheet
December 31
Current liabilities:
Total current liabilities:
Long-term liabilities:
Total liabilities
Transcribed Image Text: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. Balance Sheet December 31 Current liabilities: Total current liabilities: Long-term liabilities: Total liabilities
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