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Q1) Howell Company has given selected accounts after posting adjusting entries:

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

i) Make current liability section of Howell Company's balance sheet, suppose $25,000 of mortgage is payable next year. (prepare liabilities in magnitude order, with largest first.)

ii) Comment on Howell's liquidity, suppose total current assets are $450,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916782

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