Grant Co Had the Following Liabilities at December 31, the End

question 99

Essay

Grant Co. had the following liabilities at December 31, the end of its fiscal year:
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Accounts Payable $56,000
Salaries Payable 12,200
Unearned Fees 8,900
Income Taxes Payable 3,200
Notes Payable 240,000
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The note payable is an 8-year note with $30,000 due in the next year. Prepare the liabilities section of the balance sheet for the company.

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