Kingbird Company has the following selected accounts after posting adjusting entries: Accounts Payable $55,000 Notes Payable, 3-month 80,000 Accumulated Depreciation—Equipment 14,000 Notes Payable, 5-year, 8% 80,000 Payroll Taxes Expense 6,000 Interest Payable 4,000 Mortgage Payable 120,000 Sales Taxes Payable 20,000 Prepare the current liability section of Kingbird Company's balance sheet, assuming $12,000 of the mortgage is payable next year.
Kingbird Company has the following selected accounts after posting adjusting entries: Accounts Payable $55,000 Notes Payable, 3-month 80,000 Accumulated Depreciation—Equipment 14,000 Notes Payable, 5-year, 8% 80,000 Payroll Taxes Expense 6,000 Interest Payable 4,000 Mortgage Payable 120,000 Sales Taxes Payable 20,000 Prepare the current liability section of Kingbird Company's balance sheet, assuming $12,000 of the mortgage is payable next year.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Kingbird Company has the following selected accounts after posting
| Accounts Payable | $55,000 | ||
| Notes Payable, 3-month | 80,000 | ||
| 14,000 | |||
| Notes Payable, 5-year, 8% | 80,000 | ||
| Payroll Taxes Expense | 6,000 | ||
| Interest Payable | 4,000 | ||
| Mortgage Payable | 120,000 | ||
| Sales Taxes Payable | 20,000 |
Prepare the current liability section of Kingbird Company's balance sheet, assuming $12,000 of the mortgage is payable next year. (For Notes Payable enter the account name only and do not provide any additional descriptive information.)
| KINGBIRD COMPANY | |||
|---|---|---|---|
| select an opening section name | |||
| enter a balance sheet item | $enter a dollar amount | ||
| enter a balance sheet item | enter a dollar amount | ||
| enter a balance sheet item | enter a dollar amount | ||
| enter a balance sheet item | enter a dollar amount | ||
| enter a balance sheet item | enter a dollar amount | ||
| select a closing section name | $enter a total amount for this section |
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