Jackie Company had the following accounts and balances on December 31, 2017: Income Taxes Payable $61,250 Notes

Question:

Jackie Company had the following accounts and balances on December 31, 2017:

Income Taxes Payable $61,250

Notes Payable, 10%, due June 2, 2018 .............$ 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, 2017.

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...