At December 31,2018,Micro Instruments Owes $47,000 on Accounts Payable

question 78

Essay

At December 31,2018,Micro Instruments owes $47,000 on Accounts Payable.The balance of Salaries Payable is $14,000 and the balance of Income Tax Payable is $8,000.Micro also has $250,000 of Bonds Payable that were issued at face value.These bonds require payment of a $25,000 installment next year and payment of the remainder in later years.The bonds payable require an annual interest payment of $7,500.Micro still owes this for the current year.
Requirement:
Report Micro Instruments' liabilities on its classified balance sheet on December 31,2018.

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Definitions:

Blood Types

The classification of human blood based on the presence or absence of inherited antigenic substances on the surface of red blood cells, which includes A, B, AB, and O types.

Mendelian Genetics

The branch of genetics based on the principles of inheritance proposed by Gregor Mendel, explaining how traits are transmitted from parents to offspring.

Multiple Alleles

Inheritance pattern in which there are more than two alleles for a particular trait; each individual has only two of all possible alleles.

HERC2

A gene associated with the regulation of several proteins, notably impacting pigmentation and neurological functions.