The Following Is a Partial List of Account Balances for Van

question 59

Essay

The following is a partial list of account balances for Van Buskirk Inc. as of December 31, 20X1: $$\begin{array} { | l | r | } \hline \text { Trade Payables } & \$ 5,000 \\\hline \text { Trade Receivables } & 6,000 \\\hline \text { Bonds payable (100\% due in 10 years) } & 40,000 \\\hline \text { Mortgage payable (10\% due within one year) } & 10,000 \\\hline \text { Notes payable (due in 6 months) } & 2,000 \\\hline \text { Salaries payable } & 800 \\\hline \text { Sales revenue } & 49,000 \\\hline \text { Current income taxes payable } & 8,000 \\\hline \text { Deferred revenue } & 800 \\\hline\end{array}$$ Required: Prepare the liability section of Van Buskirk's classified statement of financial position for December 31, 20X1.

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Definitions:

Syllogism

A type of logic where a conclusion is reached from two provided or assumed statements (premises); a typical structure in logical reasoning.

A Proposition

A categorical proposition asserting that all members of the subject category are included in the predicate category, typically formulated as "All S are P."

Conclusion

The end or finish of an event, process, or text, often summarizing the points made.

Premises

Statements or propositions presented as a basis for a conclusion in an argument.