Homework Answers
Solution
| NOVAK CORPORATION | |
| Balance Sheet (Partial) | |
| As at December 31 2020 | |
| Current Liabilities | |
| Accounts payable | $ 72,600.00 |
| Notes payable (Current portion) | $ 27,270.00 |
| Salaries and wages payable | $ 5,850.00 |
| Income tax payable | $ 8,340.00 |
| Total current liabilities | $ 114,060.00 |
.Bonds payable are not current liability as they are due in more than 1 year.
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Novak Corporation's adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable...
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