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Moonstar Company has selected accounts after posting adjusting entries which are given below:

Accounts Payable                                              $ 45,000
Notes Payable, 3-month                                       80,000
Accumulated Depreciation—Equipment                   14,000
Payroll and Benefits Payable                                  27,000
Notes Payable, 5-year, 8%                                   30,000
Estimated Warranty Liability                                   34,000
Payroll Tax Expense                                                 6,000
Interest Payable                                                       3,000
Mortgage Payable                                                 200,000
Sales Tax Payable                                                   16,000

Requirements:

Create the present liability section of Moonstar Company's balance sheet, supposing $25,000 of mortgage is payable next year. (Name liabilities in magnitude order, with largest first.)

describe Moonstar’s liquidity, supposing total current assets are $450,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99503

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