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Kingery Sales Company has the following selected accounts after posting adjusting entries:

Accounts Payable $ 42,000

Notes Payable, 3-month 50,000

Accumulated Depreciation-Equipment 14,000

Notes Payable, 5-year, 6% 80,000

Payroll Tax Expense 4,000

Interest Payable 3,000

Mortgage Payable 120,000

Sales Tax Payable 38,000

Instructions:

Prepare the current liability section of Kingery Sales Company's balance sheet, assuming $20,000 of the mortgage is payable next year.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945727

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