Question

The following alphabetized list of selected adjusted account balances is from the records of Jasper Company on December 31, 2014:
Accounts Payable ...................................................... $71,000
Accumulated Depreciation—Equipment.................... 46,000
Estimated Warranty Liability...................................... 16,500
GST Payable................................................................... 9,800
Mortgage Payable, $35,000 due Dec. 31, 2015.......... 370,000
Notes Payable, due April 1, 2015 ................................. 15,800
Notes Payable, due April 1, 2018 .............................. 114,000
PST Payable..................................................................... 7,600
Warranty Expense.......................................................... 11,200

Required
Prepare the current liability section of Jasper Company’s 2014 balance sheet (for simplicity, list the accounts from largest to smallest).
Analysis Component: Why is it important to classify assets and liabilities?



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  • CreatedJanuary 08, 2015
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