The amounts due for income taxes on prior-year profits

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Reference no: EM1389820

The accounts payable entry on the company's balance sheet represents

A. the amounts due for income taxes on prior-year profits and the amounts due shareholders for dividends declared the prior-year and payable in the current year.

B. the amounts the company owes for footwear currently being held in inventory.

C. 25% of the year's materials costs incurred in making branded and private-label footwear that are owed to suppliers and that will be paid for in the first quarter of the upcoming year (payments for materials delivered by suppliers are not due and payable for 90 days following delivery).

D. the amounts due for interest on loans outstanding that becomes due in the first quarter of the upcoming year.

E. the amounts due to production workers for incentive bonuses.

Reference no: EM1389820

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