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 Sheet
Balance 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...