Jackie Company had the following accounts and balances on December 31, 2012: Income Taxes Payable......$61,250 Notes Payable,
Question:
Jackie Company had the following accounts and balances on December 31, 2012:
Income Taxes Payable……………………......……$61,250
Notes Payable, 10%, due June 2, 2013………...$ 1,000
Allowance for Doubtful Accounts……….......……..17,800
Accounts Receivable…………………..…...........……...67,500
Accounts Payable…………………….............…………24,400
Discount on Notes Payable……….........………………..150
Interest Receivable…………………...............……………5,000
Current Maturities of Long-Term Debt……..…....…6,900
Unearned Revenue………………………................………4,320
Interest Payable…………………….……................………3,010
Wages Payable…………………………................………...6,000
Required
Prepare the Current Liabilities section of Jackie Company’s balance sheet as of December 31, 2012.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1111534912
8th edition
Authors: Gary A. Porter, Curtis L. Norton