Question

At December 31, MediMark Precision Instrumentowe $51.000 on Accounts Payable Salaries Payable of $18,000 and Income Tax Payable of $12.000 Med Mark who has 230.000 of Bonds Payable that were bed at face value that require payment a 0.000s year and the remainder in later years. The bonds payable require an annual interest payment of $5.000, and MediMark owes the forest for the current year Report Med Mark's abilities on assified balance sheet on December 31, 2016 Balance SheetPartial Choo

Answer 1

Liabilities of business are divided into current liabilities and long term liabilities
Current liabilities are payable within one year from balance sheet date while long term liabilities are payable beyond 12 months
Partial balance sheet for MedMark is shown below
Balance sheet (Partial)
December 31, 2018
Liabilities
Current liabilities
Accounts payable	$51,000
Salaries payable	$18,000
Income tax payable	$12,000
Interest payable on bonds	$5,000
Current portion of bonds payable	$20,000
Total current liabilities		$106,000
Long term liabilities
Bonds payable	$210,000
Total long term liabilities		$210,000
Total liabilities		$316,000