Make current liability section of howell companys balance, Ask an Expert

Accounting

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M916782

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