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Chapter 15 week 1 E15-25

Chapter 15 week 1 E15-25 - Report MediShare’s liabilities...

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E15-25 At December 31, MediShare Precision Instruments owes $50,000 on accounts payable, plus salary payable of $10,000 and income tax payable of $8,000. MediShare also has $200,000 of bonds payable 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 MediShare still owes this interest for the current year.
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Unformatted text preview: Report MediShare’s liabilities on its classified balance sheet. List the current liabilities in descending order (largest first, and so on), and show the total of current liabilities. Liabilities: Accounts Payable 50,000 Bond Payable 20,000 Salary Payable 10,000 Income Tax Payable 8,000 Interest Payable 7,000 Current Liabilities 95,000 Bonds Payable 180,000...
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