Question

Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2017: Bonds Payable (due in 3 years) $100,000, Accounts Payable$72,000, Notes Payable (due in 90 days) $22,500, Salaries and Wages Payable$4,000, and Income Taxes Payable $7,000. Prepare the current liabilities section of the balance sheet.

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In this exercise, we are asked to provide the current liabilities section in the balance sheet.

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