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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Accounts Payable. $7,200; Salaries Payable, $5,800; Income Taxes Payable, $4,000; Short-Term Notes Payable, $2,500; Dividends Payable, $750; Investment in Held-to-Maturity Bonds, $2,750; and Allowance for Doubtful Accounts, $1,100. Prepare the current liabilities section of Dorothy’s balance sheet.

To determine

Prepare the current liabilities section.

Explanation

Current liabilities’ section: This section of the balance sheet comprises of the obligations owed by a company to creditors and suppliers that are to be paid within a year.

Current liabilities section of Corporation D is prepared as follows:

ParticularsAmount($)Amount($)
Current liabilities:  
Accounts payable$7,200 
Salaries payable$5,800 

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